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AMERICAN, FRENCH REAL ESTATE COMPANIES JOIN FORCES; NEW ORGANIZATION TO SERVE MULTINATIONAL CORPORATIONS

 AMERICAN, FRENCH REAL ESTATE COMPANIES JOIN FORCES;
 NEW ORGANIZATION TO SERVE MULTINATIONAL CORPORATIONS
 PHILADELPHIA, Sept. 21 /PRNewswire/ -- Two leading real estate firms, Binswanger Company of Philadelphia, and Auguste-Thouard of Paris, today announced the formation of a new multinational real estate joint venture, Auguste-Thouard-Binswanger (A-T-B), the first of its kind to offer high level management attention and control to transatlantic real estate services.
 "A-T-B is a significant development for companies with real estate needs on both sides of the Atlantic," said Frank G. Binswanger III, a managing director of A-T-B, and president of Binswanger International. "This new organization's unique structure allows it to provide a single source of hands-on assistance in transatlantic real estate services. Up to now, real estate companies have handled multinational transaction by simply making referrals under international networking or affiliation agreements."
 Addressing the increase in transatlantic real estate investment, the joint venture provides services to U.S. corporation which own or are seeking real estate in Europe, and European companies which own or are seeking real estate in the U.S. In 1990, European-owned gross property, plant and equipment assets in the United States alone were valued at $257.8 billion.
 A-T-B's transatlantic services include industrial and commercial brokerage, location consulting, development and investment counseling, valuation and corporate real estate asset management. Binswanger and Auguste-Thouard together have more than 60 years of experience in both major metropolitan areas and small towns throughout the Unites States and Europe. Other real estate firms with international operations offer limited services in certain markets, such as companies which specialize only in commercial brokerage in urban areas.
 "By combining resources and dedicating a team of top executives to A-T-B, we are creating a link between the U.S. and Europe that understands both business cultures," said Etienne Chovet, managing director of A-T-B. "Our European staff of 800 specialists are knowledgeable in every aspect of international corporate real estate."
 A-T-B has already represented Digital Equipment Corporation in the sale of its 155,000 square foot facility in Clonmel, Ireland, and Johnson Controls in the purchase of land in Dusseldorf, Germany for a European headquarters. The organization is currently representing Seagate Technology in the sale of its Palmela, Portugal industrial facility; Eastman Kodak, for several confidential assignments in Europe; and the German firm, KHD, in the sale of its Vigo, Spain industrial/office complex. A-T-B is also completing an appraisal project for Bristol-Meyers Squibb in Montpellier, France.
 "Auguste-Thouard-Binswanger is the only organization with the resources, experience and expertise to meet the dramatically increasing demand for transatlantic real estate services," said Binswanger. "This agreement marks a significant expansion into the global real estate marketplace for both companies. We predict that by the year 2000, A-T-B's transaction volume will be a half billion dollars."
 Binswanger Company is one of the leading full-service real estate organizations in the U.S., with 18 offices across the country. Binswanger Asia is based in Tokyo and is the only American company handling industrial real estate with a fully-staffed office in Japan. Auguste-Thouard is the number one real estate organization in France and one of the largest in Europe, with 27 offices in Western Europe and regional headquarters in Brussels, Barcelona, Madrid, Dusseldorf, and Frankfurt, and in London through its association with Edward Erdman. Last year, Binswanger and Auguste-Thouard had a combined transaction volume of approximately $3.6 billion.
 Founded in 1931, Binswanger Company is run by Chairman Frank G. Binswanger, Jr., and president John K. Binswanger. In 1987, the company took its first step into the global marketplace by opening an office in Tokyo. Auguste-Thouard was founded in 1922, and is run by co-chairmen Claude Heurteux and Jean-Michel Andrieu. In addition to its brokerage and consulting services, Auguste-Thouard has divisions which handle hotels, residential developments and vineyards.
 -0- 9/21/92
 /CONTACT: George McGeehan of Binswanger Company, 215-448-6258, or Serafina Espie of Ruder Finn, 212-715-1626, for Binswanger Company/ CO: Binswanger ST: Pennsylvania IN: SU: TNM


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Publication:PR Newswire
Date:Sep 21, 1992
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