CalPERS will acquire 63 shopping centers in the Mid-Atlanticstates and the Midwest. The price is $26 per common share, about25% better than its closing price of $20.75 on Sept. 27. The saleis expected to close in January.

First Washington's management will continue to manage the sameproperties, through a new company called U.S. Retail Partners LLC,which is essentially the same as the company they run now. Theyplan no layoffs and CalPERS wants them to expand theiracquisitions, says William J. Wolfe, president.

Officials at the Bethesda real estate investment trust had longbeen frustrated that the company's stock was not appreciating, andfelt that Wall Street undervalued the small, independent realestate investment trust.

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