Filed by Center Trust, Inc.
                           Pursuant to Rule 425 under the Securities Act of 1933
                                 and deemed filed pursuant to Rule 14a-12 of the
                                                 Securities Exchange Act of 1934

                                             Subject Company: Center Trust, Inc.
                                                     Commission File No. 1-12588


                      Center Trust Announces Settlement Of

                 Litigation Relating To Merger With Pan Pacific

MANHATTAN BEACH, CA., January 13, 2003 - Center Trust, Inc. (NYSE: CTA)
announced today that it has entered into a memorandum of understanding relating
to the settlement of litigation relating to the proposed merger with Pan Pacific
Retail Properties, Inc. (NYSE: PNP). Final settlement is subject to court
approval. The lawsuit was filed by Paul Berger, on behalf of a putative class of
Center Trust stockholders, against Center Trust and all members of the Center
Trust board of directors.

In connection with the proposed settlement, (i) Center Trust provided certain
additional disclosures regarding the merger to its stockholders in a Supplement
to its Proxy Statement, which was mailed to Center Trust stockholders and filed
with the Securities and Exchange Commission on December 31, 2002; and (ii) Pan
Pacific has agreed to reduce the termination fee from $7.5 million to $6.0
million payable by Center Trust to Pan Pacific under certain circumstances as
set forth in the Agreement and Plan of Merger.

On November 5, 2002, Center Trust and Pan Pacific entered into a definitive
agreement pursuant to which Pan Pacific will acquire Center Trust. The agreement
provides for a merger in which each share of Center Trust common stock will be
converted into the right to receive 0.218 newly issued shares of Pan Pacific
common stock. The transaction is intended to qualify as a tax-free
reorganization and has been unanimously approved by each company's board of
directors. Center Trust stockholders will vote on the transaction at a special
meeting to be held on January 15, 2003. Only Center Trust stockholders of record
as of the close of business on December 10, 2002 are entitled to vote at this
special meeting.

About Center Trust

Center Trust, a fully integrated, self-managed real estate investment trust
(REIT), is a leading developer, owner and manager of retail shopping centers in
the Western United States. Center Trust owns or controls a portfolio of 31
retail properties, comprised of 27 open-air, anchored shopping centers, 2
regional malls and 2 single tenant facilities, encompassing 7.4 million square
feet.


About Pan Pacific

Pan Pacific is an equity REIT traded on the New York Stock Exchange under the
symbol PNP. Pan Pacific is the largest neighborhood shopping center REIT on the
West Coast. As of September 30, 2002, Pan Pacific's portfolio totaled 108
shopping centers, encompassing 16.0 million square feet of retail space, which
was 97.1% leased to 2,539 retailers. The portfolio is diversified across five
Western U.S. markets: Northern California, Southern California, Washington,
Oregon and Nevada.

Pan Pacific focuses on creating long-term stockholder value by specializing in
the acquisition, ownership and management of community and neighborhood shopping
centers for everyday essentials. Pan Pacific's strategy is aimed at providing
stockholders with long-term stable cash flow through maintaining a diverse
portfolio and tenant base, balanced with consistent growth through implementing
its acquisition and property management programs.

Pan Pacific is headquartered in Vista (San Diego) California, and has regional
offices located in Sacramento, California; Kent, Washington; Portland, Oregon;
and Las Vegas, Nevada.

For further information, please contact;
Elizabeth Saghi
EAS & Associates
(805) 884-0185
eas17@cox.net

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Pan Pacific has filed a registration statement with the Securities and Exchange
Commission in connection with the proposed Merger. The registration statement
includes a proxy statement/prospectus that was sent to Center Trust stockholders
seeking their approval of the proposed Merger. A supplement to the proxy
statement/prospectus was also sent to Center Trust stockholders seeking their
approval of the proposed Merger. INVESTORS AND STOCKHOLDERS ARE URGED TO READ
THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT CENTER TRUST, PAN PACIFIC AND THE MERGER. The registration
statement containing the proxy statement/prospectus and other documents may be
obtained free of charge at the SEC's web site, www.sec.gov. The proxy
statement/prospectus and these other documents may also be obtained free of
charge from Pan Pacific by directing a request to Pan Pacific at 1631 South
Melrose Drive, Suite B, Vista, California 92083, Attention: Carol Merriman; and
from Center Trust by directing a request to Center Trust at 3500 Sepulveda
Boulevard, Manhattan Beach, California 90266, Attention: Stuart Gulland.

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