Eight of the shopping centers are located in Pennsylvania andthe ninth is located in Massachusetts. Five of the properties, allanchored by Giant supermarkets, are in the process of beingacquired by Cedar from Caldwell Development Corp.

The joint venture is structured through US limited partnershipssuch that, at Homburg's election, it could sell a portion of itsownership to individual investors in Europe. The agreement issubject to a 30 day due diligence period.

Cedar Shopping Centers owns and operates 99 of primarilysupermarket- and drug store-anchored centers with an aggregateleasable area of approximately 10.2 million square feet. Cedar alsoowns 16 development parcels aggregating approximately 178 acres.Homburg Invest owns and develops a diversified portfolio includingoffice, retail, industrial and residential apartment and townhouseproperties throughout Canada, the United States and WesternEurope.