Ramco-Gershenson Properties Trust's focus on large, multi-anchored shopping centers has helped insulate the REIT from overexposure to any one anchor and ensure a diverse tenant mix, says CEO Dennis Gershenson. He said e-commerce is not a threat but "our friend" because of omnichannel strategies and shifting retailer space needs.
Ramco-Gershenson Properties Trust will buy out its joint venture equity partner's majority ownership position in seven properties for $189.9 million. The properties are in Columbus, Ohio; Chicago; Baltimore; Detroit; and Atlanta. The deal will raise Ramco-Gershenson's operating income by $12.5 million.
Novozymes reached a definitive agreement to sell its biopharmaceutical division to Repligen for $22.7 million in cash, plus as much as $5.6 million in milestone payments. The sale is expected to be completed by year-end.
Ramco-Gershenson Properties Trust has acquired the Shoppes at Fox River, a Waukesha, Wis., 135,484-square-foot shopping center, for $23.8 million. The almost 94% leased center is anchored by a 61,045-square-foot Pick 'n Save and a 132,382-square-foot Target. Ramco-Gershenson paid cash for the property.