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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DECEMBER 17, 1998
Date of Report (Date of earliest event reported)
SAFECO CORPORATION
(Exact name of registrant as specified in Charter)
WASHINGTON 1-6563 91-0742146
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
SAFECO Plaza, Seattle, Washington 98185
(Address of principal executive officers) (Zip Code)
(206) 545-5000
(Registrant's telephone number, including area code)
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SAFECO CORPORATION CONFIRMS
SALE OF FOUR REGIONAL SHOPPING CENTERS
SEATTLE - (December 17, 1998) - SAFECO Corporation (NASDAQ: SAFC) today
announced that several of its real estate subsidiaries have signed an agreement
with The Macerich Partnership, L.P. and the Ontario Teachers' Pension Plan
Board to sell the following four regional shopping centers for $570 million:
1. Washington Square Mall, Tigard, Ore. (Portland area)
2. Kitsap Mall, Silverdale, Wash. (Seattle area)
3. Cascade Mall, Burlington, Wash. (Seattle area)
4. Redmond Town Center, Redmond, Wash. (Seattle area)
In addition, and included in the purchase price, Macerich and Ontario
Teachers' agreed to purchase a 50 percent interest in Oxmoor Center Mall in
Louisville, Ky., as well as several strip-malls, subject to the right of first
refusal by the other 50 percent owner. The transaction is expected to be
completed in a series of closings in the first and second quarters of 1999.
Salomon Smith Barney acted as exclusive financial advisor to SAFECO in
this transaction.
SAFECO, the premier company selling insurance and financial products
through independent agents, was founded in 1923. Property and casualty
insurance was SAFECO's original business and remains its largest operation. In
addition, SAFECO engages in life insurance, surety, commercial credit, asset
management, and financial services distribution operations. SAFECO employs more
than 11,000 people nationwide and is represented by more than 8,000 independent
agencies and brokerages across the country. SAFECO's web address is
www.safeco.com.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SAFECO CORPORATION
Dated: December 18, 1998 By: /s/ H. Paul Lowber
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H. Paul Lowber
Vice President, Controller and
Chief Accounting Officer
