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SIZELER PROPERTY INVESTORS ISSUES 4 MILLION SHARES OF COMMON STOCK AND $65 MILLION OF CONVERTIBLE DEBENTURES

 KENNER, La., May 6 /PRNewswire/ -- Sizeler Property Investors, Inc. (NYSE: SIZ) announced today that the company will issue 4 million shares of common stock at $13 per share and $65 million of 8.0 percent Convertible Subordinated Debentures due 2003.
 The debentures will trade on the New York Stock Exchange and are convertible into common stock of the company at any time prior to maturity.
 The company will use the net proceeds of the issuance of the securities to acquire two apartment communities, located in Mobile, Ala., for $24.0 million; to repay short- and long-term debt; and will use the remaining proceeds for general corporate purposes, including future real estate property acquisitions.
 The securities were offered by the company to selected unaffiliated institutional investors. National Westminster Bank PLC, Capital Markets Branch, was retained to act as agent for the company in connection with the arrangement of this transaction.
 Sizeler Property Investors, Inc., is a self-administered real estate investment trust ("REIT"), which invests in income-producing shopping center and apartment properties in the Southern United States. The company's portfolio includes interest in two enclosed regional malls, one power shopping center (a large community shopping center anchored by market-dominant retail merchants), 10 community shopping centers, and seven apartment complexes. Fourteen of the company's properties are located in Louisiana, three in Florida, two in Alabama, and one in Texas.
 -0- 5/6/93
 /CONTACT: John J. Gilluly Jr., vice president/treasurer of Sizeler Property Investors, 504-466-5363 or, home, 504-833-4773/
 (SIZ)


CO: Sizeler Property Investors, Inc. ST: Louisiana IN: SU:

BR-TG -- AT022 -- 5720 05/06/93 17:51 EDT
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Publication:PR Newswire
Date:May 6, 1993
Words:265
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