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AMERICAN REAL ESTATE INVESTMENT CORPORATION LISTS ON THE AMEX

 NEW YORK, Nov. 3 /PRNewswire/ -- The American Stock Exchange today began trading the initial public offering of the common shares of American Real Estate Investment Corporation.
 Trading under ticker symbol REA, the company's common opened at 3:50 p.m. at 9-3/4 on 89,500 shares.
 This initial public offering consists of 1,075,000 shares of common stock with an over-allotment option of 161,250 shares.
 GHM, Inc., has been selected as the company's specialist firm.
 The Denver-based real estate investment trust owns and operates multifamily residential properties primarily in the Rocky Mountain and Southwest regions of the United States.
 Evan Zucker, president of American Real Estate Investment Corporation, said: "Many issues were at play when deciding where to list our company's shares. Most importantly, we want to do right by our shareholders who have entrusted us to make sound real estate investment decisions for the trust. And in keeping with this theme, we wanted to take our stock public on the market which values the needs of shareholder above all.
 "Listing on the AMEX is a milestone for us. We are proud to be listing side by side so many successful growth companies and feel that, through the exposure gained from listing on the AMEX, our company will grow as well."
 The American Stock Exchange is unique among U.S. financial markets. It is the only exchange to successfully provide both a primary equities market for growth companies and a principal market for derivatives. The American Stock Exchange is dedicated to providing both public and professional investors with superior trading products and services at competitive prices.
 -0- 11/3/93
 /CONTACT: Melissa Grand, manager, communications, of the American Stock Exchange, 212-306-1635/


CO: American Real Estate Investment Corporation ST: Colorado IN: FIN SU:

TW -- NY020 -- 0564 11/04/93 09:26 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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