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AMERICAN PREMIER COMPLETES GRAND CENTRAL TRANSACTION

 CINCINNATI, April 28 /PRNewswire/ -- American Premier Underwriters, Inc. (NYSE: APZ), formerly The Penn Central Corporation, has completed a previously announced transaction with the N.Y. Metropolitan Transportation Authority (MTA) that extends the end of American Premier's lease to the MTA of Grand Central Terminal and the Harlem and Hudson commuter rail lines from the year 2032 to 2274. It also provides for the grant of an option to the MTA to purchase the leased property in 25 years. In return, American Premier has received consideration having an estimated present value of $55 million, consisting principally of a $5 million cash payment received at closing and an increase in future rental payments to American Premier of approximately $2 million per year.
 Under the agreement, American Premier has relinquished its right to construct an office building over the Terminal. However, American Premier has retained its rights to transfer approximately 1.7 million square feet of development rights from the Grand Central site to other sites in the surrounding area. American Premier also has kept its development rights adjacent to the Scarsdale, N.Y. commuter train station.
 American Premier is engaged primarily in specialty property and casualty insurance.
 -0- 4/28/94
 /CONTACT: Philip A. Hagel, Vice President - Treasurer, of American Premier Underwriters, Inc., 513-579-6600/
 (APZ)


CO: American Premier Underwriters, Inc.; N.Y. Metropolitan
 Transportation Authority ST: Ohio, New York IN: INS SU:


KL -- CL009 -- 0953 04/28/94 09:28 EDT
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Publication:PR Newswire
Date:Apr 28, 1994
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