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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the Securities and Exchange
Act of 1934
Date of Report (Date of earliest event reported): January 17,
1997
Exact name of registrant as specified in its charter: T. ROWE
PRICE RENAISSANCE FUND, LTD., A SALES-COMMISSION-FREE REAL ESTATE
INVESTMENT
State or other Jurisdiction of Incorporation or Organization:
Delaware
I.R.S. Employer Identification No.: 52-1657028
Commission File Number: 0-19180
Address of principal executive offices: 100 East Pratt Street,
Baltimore, Maryland 21202
Registrant's telephone number, including area code: 1-800-638-
5660
Former name of former address, if changes since last report:
Not Applicable
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Item 5. Other Events
At the end of 1996 T. Rowe Price Renaissance Fund, Ltd., A Sales-
Commission-Free Real Estate Investment (the "Fund") conducted its
annual formal share valuation. The valuation of the properties
was performed by its Investment Manager, and then reviewed by an
independent professional appraiser. The estimated value of
shares resulting from this process is $13.44 per share. A $0.99
per share dividend for the December 1996 quarter representing
operating cash flows and capital gain on the sale of the Buckley
Square property will be paid on or about January 23, 1997 to
stockholders of record on December 31, 1996. After this
dividend, the estimated value is $12.45 per share. There is no
assurance that shares can be sold at a price equal to this
estimated value, and this valuation is not necessarily
representative of the value of the shares when the Fund
ultimately liquidates its holdings.
T. ROWE PRICE RENAISSANCE FUND, LTD.,
A SALES-COMMISSION-FREE REAL
ESTATE INVESTMENT
By: /s/Lucy B. Robins
Lucy B. Robins
Vice President
