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EASTGROUP PROPERTIES ANNOUNCES ACQUISITION OF TWO INVESTMENTS

 JACKSON, Miss., Oct. 29 /PRNewswire/ -- EastGroup Properties (AMEX: EGP) today announced the acquisition of two new investments.
 On Oct. 25, the trust closed on the purchase of the Lake Pointe Business Park, located in Jacksonville, Fla., for a price of $9,995,000. Lake Pointe is a warehouse/service center complex containing a total of 376,454 square feet in nine buildings which were constructed in 1986 and 1987. The complex is currently 79 percent leased.
 On Oct. 27, EastGroup acquired the 265-unit Sutton House Apartments in San Antonio, Texas, for a price of $8,570,000. Sutton House, which was completed in 1985, contains a mix of one bedroom, one bedroom with den and two bedroom units with an average unit size of 779 square feet. The complex, which is the trust's second apartment investment in San Antonio, is currently 99 percent leased.
 David H. Hoster II, president of EastGroup, stated that, "These two investments are excellent additions to the trust's portfolio and are consistent with its investment strategy of acquiring well-constructed and well-located properties in the Southeast and Southwest."
 -0- 10/29/93
 /CONTACT: N. Keith McKey, executive vice president, chief financial officer and secretary, EastGroup Properties, 601-948-4091/
 (EGP)


CO: EastGroup Properties, Inc. ST: Mississippi IN: SU: RLE

BR-BN -- AT007 -- 8492 10/29/93 12:01 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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