CEDAR TRANSFERS TWO MALLS TO JOINT VENTURE OWNERSHIP

HARRISBURG AND DICKSON CITY, PA. — Cedar Shopping Centers has transferred the ownership of two of its Pennsylvania shopping centers to a joint venture between itself and RioCan Real Estate Investment Trust. RioCan will own an 80 percent interest and Cedar will own a 20 percent interest in Blue Mountain Shopping Commons in Harrisburg and Sunset Crossing in Dickson City. Blue Mountain Commons totals 121,000 square feet and Sunset Crossing totals 74,000 square feet. Both shopping centers are anchored by Giant Food Stores. Cedar realized a $32 million profit from the transfer, which is being used to reduce the balance of the company's credit facilities. The deal represents two of seven properties that will be transferred to the joint venture. The remaining five properties will close during the first quarter of next year.