"The sale of White Lake MarketPlace is consistent with the Company's ongoingbusiness strategy to sell stabilized assets that have reached their maximumvalue for the foreseeable future," said Richard J. Smith, Ramco-Gershenson's chief financial officer. "The proceeds generated from the sale will be used to pay down debt as well as to fund the company's stock repurchase program and 2001 business plan."
The REIT has a portfolio of 55 shopping centers with approximately 11.5 million sf of gross leasable area in Michigan, Ohio, Wisconsin, New Jersey, Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia, Alabama and Florida.
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