As part of the capital plan, CenterPoint is selling 1.5 millioncommon shares at $43.25 per share under the company's shelfregistration statement, resulting in net proceeds to the firm ofabout $63.2 million. Lehman Brothers is lead manager. First UnionSecurities will co-manage the offering. Net proceeds of theoffering will repay line of credit balances incurred principally inconjunction with the Arsenal redevelopment.

CenterPoint also announced its intention to pursue themonetization of the previously announced ground lease to theBurlington Northern Santa Fe Railway Co. on a portion ofCenterPoint Intermodal Center, and, in addition, the sale of aninterest in the tax increment financing afforded CenterPoint inconjunction with the redevelopment. These transactions, expected tobe completed in 2001, together with the company's current stockoffering, are expected to produce aggregate proceeds of about $150million.

Legg Mason Wood Walker Inc. has advised CenterPoint with respectto the formulation of the company's capital plans and with respectto the offering.