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Byline: compiled by Gerald C. Magpily
Nov. 11, 2002
New Plan Excel Realty Trust to buy 58 shopping centers
The wheeling and dealing in the shopping center sector continued Monday as New Plan Excel Realty Trust entered a deal to acquire 58 shopping centers from Equity Investment Group for $437 million. New Plan is looking to ramp up its portfolio of grocery-store-anchored shopping centers, which offer more stability than other retail deals. Supermarkets guarantee traffic, which helps the other retail stores in the center that might otherwise struggle in these harsh economic times, according to industry sources. Once the Equity Investment portfolio sale closes, New Plan will have 169 shopping centers anchored by a grocer, putting it among the …