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New Plan Still Buying Centers

NEW YORK CITY-Ground-up development opportunities grow for the shopping-center REIT, as it also considers acquisitions and sales.

By Debra Hazel | Updated on November 03, 2006

NEW YORK CITY-New Plan Excel Realty Trust will continue buying and selling centers, and increasingly is looking to ground-up development for growth, executives said at its third quarter conference call. “We have already reached our 2006 target of $50 million in dispositions and expect to exceed them,” said John Roche, CFO. “In 2007, we will continue to acquire assets across the spectrum, from Class A to value added.”

Though the firm failed in a bid to acquire Inland Real Estate Trust, it continues to look for opportunities, executives say. Dispositions should total $50 million next year, says Dean Bernstein, executive vice president of acquisitions and dispositions. “But we are an opportunistic seller,” he says. “If we find an opportunity to sell more, we will.”

In the last quarter, the company acquired a 40-acre land parcel in Cinnaminson, NJ. New Plan expects to develop an approximately 330,000-sf community shopping center on the land, the site of the functionally obsolete Cinnaminson Mall. The move typifies its growing ability in ground-up development.

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