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CHESTERTON, BINSWANGER FORM STRATEGIC ALLIANCE TO PROVIDE INTERNATIONAL REAL ESTATE SERVICES

 PHILADELPHIA and LONDON, Nov. 8 /PRNewswire/ -- Chesterton International Ltd. and Binswanger International, Ltd. today announced the formation of a strategic alliance to provide a range of cross-border corporate real estate services to multinational corporate clients throughout the world.
 The alliance, to be known as Chesterton-Binswanger International, combines the resources of two of the world's leading real estate firms, creating the first real estate organization with offices located throughout North America, South America, Europe, the Far East and Australia.
 The strategic alliance agreement was signed at Binswanger's headquarters in Philadelphia by William Wells, chairman of Chesterton, and Frank G. Binswanger Jr., chairman of Binswanger. The agreement becomes effective Dec. 9.
 Wells emphasized that the alliance would function as an integrated organization with centralized management, rather than as a network.
 "Our clients will have a single management contact who can command the resources of the entire Chesterton-Binswanger organization," Wells said. "Our centralized structure is designed to assist the client in maximizing the value and the potential of real estate assets, wherever they may be located."
 Binswanger added, "Chesterton-Binswanger International will provide a single source of cross-border real estate services, combining knowledge of local markets with sophisticated international real estate expertise. This alliance also gives our corporate and institutional clients access to complete property services in all key international markets. In particular, Chesterton's strong presence in the Far East will enable us to strengthen our existing services in a region which is of critical importance to our clients."
 The alliance will be headquartered in London and Philadelphia, and coordinated through 21 regional offices in the United States, Belgium, France, Germany, Ireland, Italy, The Netherlands, Spain, Japan, Hong Kong, Malaysia, Singapore, Thailand, Australia, Mexico, Brazil, Chile and Argentina. The alliance will also draw on the resources of Chesterton-Binswanger's 63 additional offices in North America, South America, Europe, the Far East and Australia.
 Chesterton, founded in 1805 and based in London, was voted the top firm for acquisitions, disposals and portfolio management in this year's Chartered Surveyors Survey. Chesterton is the only employee-owned and managed property consultancy in the United Kingdom.
 Binswanger is one of the leading full-service, international real estate organizations. Founded in 1931 and now in its third generation of family ownership and management, Binswanger has served the real estate needs of most of the top Fortune 500 companies. Its international operations include offices in Japan, Mexico, Brazil, Argentina and Chile.
 The two companies each provide a full range of real estate services, including site selection; project management; property management; investment and financial services; appraisal and valuation; and corporate, commercial and industrial property acquisition and disposition.
 /delval/
 -0- 11/9/93
 /CONTACT: George McGeehan of Binswanger, 215-448-6258/


CO: Chesterton International Ltd.; Binswanger International, Ltd. ST: Pennsylvania IN: SU: JVN

MK-MP -- PH030 -- 1855 11/08/93 14:58 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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