SOUTHFIELD, Mich., Jan. 30 /PRNewswire/ -- Ramco-Gershenson Properties
Trust (NYSE: RPT) announced today that it has closed on the sale of White Lake
MarketPlace, a 350,000 square foot community shopping center located in White
Lake, Michigan. The shopping center was sold for approximately $20 million,
which represents a capitalization rate of 9.1%.
"The sale of White Lake MarketPlace is consistent with the Company's
ongoing business strategy to sell stabilized assets that have reached their
maximum value for the foreseeable future", said Richard J. Smith, chief
financial officer. "The proceeds generated from the sale will be used to pay
down debt as well as to fund the Company's stock repurchase program and 2001
business plan."
Ramco-Gershenson Properties Trust has a portfolio of 55 shopping centers,
with approximately 11.5 million square feet of gross leasable area, located in
Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina,
South Carolina, Tennessee, Georgia, Alabama and Florida. Headquartered in
Southfield, Michigan, the Company is a fully integrated, self-administered,
publicly-traded real estate investment trust (REIT). The Trust owns,
develops, acquires and manages community shopping centers, regional malls and
single tenant retail properties, nationally.
This press release contains forward-looking statements with respect to the
operation of certain of the Trust's properties. Management of
Ramco-Gershenson believes the expectations reflected in the forward-looking
statements made in this document are based on reasonable assumptions. Certain
factors could occur that might cause actual results to vary. These include
general economic conditions, the strength of key industries in the cities in
which the Trust's properties are located, the performance of the Trust's
tenants at the Trust's properties and elsewhere, and other factors discussed
in the Trust's reports filed with the Securities and Exchange Commission.
For further information on Ramco-Gershenson Properties Trust via facsimile
at no cost, dial 1-800-PRO-INFO and enter the company symbol RPT or visit our
website @ http://www.ramcogershenson.com .
SOURCE Ramco-Gershenson Properties Trust
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Related links:
http://www.ramcogershenson.com
CONTACT:
Dennis Gershenson, President & CEO, or
Richard Smith, CFO of Ramco-Gershenson Properties Trust,
248-350-9900, or fax, 248-350-9925
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