Pacific Southwest Ends Talks on Joint Venture
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Pacific Southwest Corp., a Northridge-based real estate and financial services company, said it has discontinued talks regarding a possible joint venture with Industrial Equity Pacific Ltd.
Pacific Southwest also said it no longer provides investment management, research, or any other services to Industrial Equity, which is the North American investment arm of Brierley Investments, New Zealand’s second-largest company.
The companies had previously said they were discussing a joint venture after Industrial Equity purchased a 6.9% stake in Fairfield Communities Inc., a Little Rock, Ark., home builder. Ronald Langley, Pacific Southwest’s chairman, is the former executive director of Industrial Equity.
Jerry Fraschilla, Pacific Southwest’s president, said the relationship with Industrial Equity was severed because “we were not able to come to terms with them.” He added that Pacific Southwest will continue to pursue a business arrangement with Fairfield, but declined to elaborate.
Separately, Pacific Southwest said its directors declared a 10% stock dividend payable Oct. 31 to shareholders of record Sept. 30.
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