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IRT PROPERTY COMPANY ANNOUNCES CONTRACT TO ACQUIRE $87 MILLION SHOPPING CENTER PORTFOLIO

 IRT PROPERTY COMPANY ANNOUNCES CONTRACT TO ACQUIRE
 $87 MILLION SHOPPING CENTER PORTFOLIO
 ATLANTA, June 22 /PRNewswire/ -- IRT Property Company (NYSE: IRT), the southeastern shopping center REIT, today announced that it had entered into a contract to acquire a portfolio of 10 neighborhood and community shopping centers in Georgia, Florida, North Carolina, Tennessee, Kentucky and Alabama.
 The total purchase price of the centers will be $87 million, and the centers are being acquired by IRT subject to existing mortgage financing of approximately $68 million. IRT will pay the difference between the purchase price and the existing mortgage financing in cash and IRT stock.
 The contract of sale and purchase, which contains certain conditions to closing, is expected to close in July 1992.
 This shopping center portfolio, which totals more than 1.2 million square feet of retail space, is being acquired from Sofran Company, an affiliate of The Presud Group of Montreal, Quebec, Canada, a real estate investor and shopping center developer in Canada and the United States.
 Included in this acquisition are the 235,000-square-foot Spalding Village Shopping Center in Griffin, Ga., anchored by a K-mart, J.C. Penney and Kroger Supermarket; the 278,000-square-foot South Beach Regional Center in Jacksonville, Fla., anchored by K-mart, Stein Mart and Food Lion Supermarkets; and the New Smyrna Beach Regional Center in New Smyrna Beach, Fla., anchored by Publix Supermarkets and adjacent to a recently expanded Wal-Mart; other centers in the portfolio include the K-mart- and Kroger-anchored center in Dallas, Ga., and Kroger-anchored centers in Bowling Green, Ky.; Lawrenceburg, Tenn.; Douglasville, Ga., and Smyrna, Tenn.
 In making the announcement, Donald W. MacLeod, president and chairman of


IRT Property Company, stated: "This acquisition represents the largest single portfolio acquisition in the 23-year history of IRT, and in addition to the size and quality of the acquisition this is particularly significant in that part of the cost of the acquisition will take the form of IRT Property Company stock. This acquisition of shopping centers with an overall occupancy of about 94 percent and with very favorable costs of acquisition, should have an immediate positive impact on IRT's cash flows."
 -0- 6/22/92
 /CONTACT: Lee A. Harris, vice president of IRT Property Company, 404-955-4406/
 (IRT) CO: IRT Property Company; Sofran Company ST: Georgia IN: SU: RLE


BN-BR -- AT004 -- 2296 06/22/92 10:28 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
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