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SOUTHFIELD, MI-Ramco-Gershenson Properties Trust of Southfield said it may pay $61 million for four shopping centers in Michigan. The company is currently involved in negotiations. The Trust has not disclosed the location of the centers.

Subject to certain conditions, including the completion of due diligence investigations of each shopping center, the closing of the purchase of each center is expected in third quarter 2003.

Three of the centers have existing debt totaling $33.5 million with a weighted average interest rate of approximately 7.88%. None of these properties will be acquired unless management believes that the acquisitions will have a positive impact on the financial performance of the REIT, said company officials.

The REIT has a portfolio of 61 shopping centers totaling approximately 11.8 million sf of gross leasable area in 12 states.

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