BRE Properties Confirms Fire Occurred At MB360 Project; No Injuries Reported

(RTTNews) - BRE Properties Inc. (BRE), an owner, operator and developer of high-quality apartment communities in targeted growth markets in California and Seattle, confirmed that a fire occurred on Tuesday at its MB360 development project in the Mission Bay area of San Francisco.

At this time, the cause of the fire is not known and no injuries have been reported, the company said.

The company said in a statement that at about 5:00 pm on Tuesday, a fire occurred at Block 5 of our MB360 development project located in the Mission Bay district of San Francisco. The structure contains 172 units under construction. Fire and police officials were on the scene and working to contain the fire. Thankfully, the project was safely evacuated and all associates and contractors have been accounted for.

The Block 11 site which is part of the MB360 development project and contains 188 units under construction was not affected.

The company said it is currently assessing the situation, including the cause of the fire, and it will be consulting with the appropriate authorities.

The company stated that it carries comprehensive insurance coverage for events such as this including hard cost replacement, soft costs and loss of revenue. It believes any losses to the Company caused by the fire should be covered by insurance and will not have a material effect on its financial condition, operating results, or pending merger transaction.