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KRANZCO REALTY TRUST ACQUIRES 25 SHOPPING CENTERS, FUNDS $100 MILLION LOAN, COMPLETES INITIAL OFFERING

 CONSHOHOCKEN, Pa., Nov. 19 ~PRNewswire~ -- Kranzco Realty Trust (NYSE: KRT), a real estate investment trust, announced today that it has completed the acquisition of 25 shopping center properties and has funded a $100 million floating rate loan. The newly formed REIT now owns and manages 3.7 million square feet of gross leasable space in retail shopping centers in Connecticut, Pennsylvania, New York, Rhode Island and New Jersey.
 In addition to the floating rate loan, the company has completed its initial public offering of 6.4 million shares of common stock through an underwriting syndicate headed by Smith Barney, at an initial offering price of $20 per share.
 -0- 11~19~92
 ~CONTACT: Norman M. Kranzdorf for Kranzco Realty Trust, 215-941-9292~
 (KRT)


CO: Kranzco Realty Trust ST: Pennsylvania IN: REA SU: TNM

LR-OS -- NY068 -- 2902 11~19~92 12:36 EST
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Publication:PR Newswire
Date:Nov 19, 1992
Words:141
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