REIT Buys Shopping Centers for $437MM

New Plan Excel Realty Trust is acquiring a portfolio of 58 community and neighborhood shopping centers from Equity Investment Group, a private retail real estate investment trust, for approximately $437 million.The purchase price includes the assumption of about $152 million of outstanding debt, the issuance of about $25 million worth of units in a New Plan-controlled partnership, and about $260 million of cash, New Plan said. The retail REIT expects to finance the cash portion of the purchase price initially through its existing credit facility. The portfolio, totaling 7.9 million square feet, is located in 22 states, predominantly in the Central and Eastern regions of the United States. Glenn J. Rufrano, New Plan's chief executive officer, said the transaction "represents the continued execution of our stated business plan to be a dominant, national owner of high-quality and well diversified community and neighborhood shopping centers."