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AHMANSON NAMES LOWE ENTERPRISES TO MANAGE ITS REAL ESTATE DEVELOPMENT PORTFOLIO

 IRWINDALE, Calif., May 27 /PRNewswire/ -- H.F. Ahmanson & Co. (NYSE: AHM) today announced that it has selected Los Angeles-based Lowe Enterprises, a nationally recognized asset management firm, to manage its $600 million portfolio of residential and commercial development properties.
 "This is a further step in Ahmanson's previously announced strategy to phase out its real estate development activities as a result of changing capital requirements that were mandated by the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA)," said Richard H. Deihl, chairman and chief executive officer of Ahmanson. "This will positively impact the company by not only continuing the orderly withdrawal from the real estate development business but also by allowing our senior management more time to concentrate on our primary business of residential mortgage lending."
 The contract encompasses approximately 30 properties in California, Illinois, Maryland and Florida. The properties include commercial and retail projects as well as residential communities.
 Certain of Ahmanson's real estate development properties are not included in the contract with Lowe, including the Ahmanson Ranch project located in Ventura County and Sutter Bay project located near Sacramento, Calif. These projects will continue to be managed by Ahmanson.
 Brian Prinn, president of Lowe Enterprises Realty Services, the Lowe subsidiary that will manage the Ahmanson portfolio, said his firm is pleased to join with the Ahmanson organization in its ongoing efforts to manage this important portfolio of properties. "Ahmanson has done an extensive job of managing this portfolio, and we look forward to working together to refine the business plans for each asset and set the course for optimal disposition."
 Lowe's responsibilities will include managing a staff of approximately 80 employees involved in the projects. No staff changes will be made in the immediate future, according to Prinn.
 Lowe Enterprises is a fully diversified real estate company that has managed properties for institutional investors for more than two decades. It currently provides asset management services on more than $2.5 billion of properties for Travelers, Equitable, Ohio Public Employees Retirement System, Washington State Investment Board, Ford Motor Credit, and Citicorp.
 H.F. Ahmanson & Co. is the parent company of Home Savings of America, the nation's largest savings institution.
 -0- 5/27/93
 /CONTACT: Mary Trigg (media), 818-814-7922, or Steve Swartz, (investors) 818-814-7986, both of Home Savings of America; or Barbara Casey of Casey & Sayre, 310-458-1224 for Lowe Enterprises/


CO: H.F. Ahmanson & Co.; Lowe Enterprises; Home Savings of America ST: California IN: FIN SU:

JB-LS -- LA022 -- 3002 05/27/93 13:45 EDT
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Publication:PR Newswire
Date:May 27, 1993
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