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 KENNER, La., Aug. 12 /PRNewswire/ -- Sizeler Property Investors, Inc. (NYSE: SIZ), an equity real estate investment trust (REIT), which invests in income-producing shopping center and apartment properties, announced today that it has entered into a contract to purchase its second "power" center, located in Palm Beach, Fla.
 This acquisition will be subject to completion of the company's normal due diligence procedures. Closing is scheduled before the end of August 1993. The shopping center consists of approximately 270,000 square feet of gross leasable area and is located on 25 acres of land, with over 2,300 feet of frontage on a major intersection in Palm Beach County, Fla. The property is anchored by Kmart and two other major retailers.
 Sizeler Property Investors, Inc. currently owns two enclosed regional shopping malls, one "power" shopping center, 10 community shopping centers, and 10 apartment complexes in the southern United States. With the completion of this acquisition, the company will have approximately 650,000 square feet of retail space in the Florida market, out of a total of 2.15 million square feet of retail space in its portfolio. The apartment complexes contain a total of approximately 2,300 units.
 The company initiated an aggressive acquisition program in 1991 to take advantage of attractive real estate investment opportunities resulting from the current economic environment. Since that time, Sizeler Property Investors, Inc. has added over $77 million of quality investment properties to its portfolio. The company also recently completed a public offering of equity and debentures, totaling $117 million, in order to provide additional capital for its growth strategy.
 Sizeler Property Investors, Inc.'s common stock (SIZ) and 8 percent Convertible Subordinated Debentures, due in 2003 (SIZ 03), are traded on the New York Stock Exchange.
 -0- 8/12/93
 /CONTACT: John J. Gilluly Jr., vice president and treasurer of Sizeler Property Investors, 504-466-5363 or, home, 504-833-4773/

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

RA-BR -- AT005 -- 2087 08/12/93 11:26 EDT
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Publication:PR Newswire
Date:Aug 12, 1993

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