REAL ESTATE

California Apartment Owners to Merge: BRE Properties of San Francisco has agreed to buy Los Angeles-based Real Estate Investment Trust of California in a $265-million deal. The two real estate investment trusts have combined ownership interests in 47 apartment complexes with nearly 12,500 units in California, Arizona, Oregon, Washington and Nevada. With the deal, each share in the REIT of California will be exchanged for 0.57 share in BRE Properties. The stock swap is valued at $177 million, and BRE will assume $88 million in REIT of California debt.