GMAC Commercial Holding, Groupe Bazin Form Strategic Alliance.

Business Editors

HORSHAM, Pa.--(BUSINESS WIRE)--Sept. 6, 2001

GMAC Commercial Holding Corp. (GMACCHC), a leading global financial resource in the commercial real estate industry, has entered into a strategic partnership with Groupe Bazin, a French specialist in real estate services for over two centuries.

This alliance's main objective is to meet the market, technical and financial needs of both companies and to provide them with complementary expertise to reinforce their respective presence in France and in Europe.

GMACCHC, already present in Paris, with a representation office opened in 1999, will benefit from the market knowledge of Groupe Bazin to develop real estate activities, particularly in the areas of property, facility, and asset management, as well as project development in France, Portugal and Belgium, and then in the rest of Europe. Besides expanding its servicing and asset management presence in France and in Europe, GMACCHC will develop its activities in the areas of real estate financing and securitization, two major activities of the company in the rest of the world.

"This alliance allows us to combine the recognized expertise, solid financial and technical abilities of GMACCHC with the unprecedented reputation and the long experience of Groupe Bazin in France and some European markets," explains David E. Creamer, Chairman and Chief Executive Officer of GMACCHC. "We are going to expand our European platform significantly. We clearly envision a leading position in Europe as we have in North America."

Groupe Bazin, established in 1770, presently in France, in Portugal and Belgium, will benefit from the support of an international group to launch activity in other European countries. The team of about 120 people specializes in property, asset management and project development.

Stephane Bazin, Chief Executive Officer of Groupe Bazin, explains: "GMACCHC has a global dimension, which will provide our company with the means to enter a new era by integrating new technology, financing and internationalization. We are pleased to associate ourselves with a large-scale organization of GMACCHC which will give us not only resources and support to reach a European size, but also links to the US and Asian markets."

GMAC Financial Services, GMACCHC and GMACCM

GMAC (General Motors Acceptance Corporation) Financial Services is a subsidiary of General Motors, the first automobile maker in the world. Its main activities are car financing (in France, GMAC Banque), financing and servicing of real estate assets (GMACCHC), corporate insurance and credit. GMAC is one of the largest financial services companies in the world and employs 29,000 people in more than 700 sites in 40 countries.

GMAC Commercial Holding Corp. (GMACCHC), and its subsidiary GMAC Commercial Mortgage (GMACCM), are global leaders in commercial real estate financial services. The company services a portfolio of more than 110 billion USD and last year originated about 15 billion USD in loans. It operates more than 60 offices in the United States, as well as in Ireland, England, Canada, Japan and France. The Paris office, headed by Marie-Noelle Brisson, will coordinate GMAC Commercial Mortgage activities in France.

GMAC Commercial Mortgage is a direct lender and correspondent with life insurance companies and pension funds. The group is one of the main licensed lenders of Federal Housing Administration (FHA), Federal National Mortgage Association (Fannie Mae) and the Federal Home Mortgage Corporation (Freddie Mac) in the United States.