Sizeler Agrees to Acquisition

Sizeler Property Investors, a New Orleans-based retail and multifamily real estate investment trust, has signed a letter of intent with Revenue Properties Co. for the acquisition of Sizeler at a cash price of $15.10 per Sizeler common share.The REIT reported that the merger transaction hinges on whether the two companies enter into a "mutually acceptable definitive merger agreement" prior to Aug. 17. Revenue Properties is a publicly traded owner and operator of property in which Morguard Corp., a Canada-based real estate and property management company, has a 68% interest, Sizeler said. Earlier this year, Sizeler had retained Wachovia Capital Markets to explore its "strategic alternatives."