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CHATEAU ESTATES GOES PUBLIC

 DETROIT, Nov. 17 /PRNewswire/ -- Chateau Estates, one of the country's largest owners and operators of manufactured housing communities, today launched its initial public offering, intended to raise $114 million.
 The offering of 5.7 million shares at $20 a share is being handled by a syndicate headed by Merrill Lynch & Co.; Bear, Stearns & Co.; and A.G. Edwards & Sons, Inc.
 The shares being offered are in Chateau Properties, Inc., a newly formed, self-administered, self-managed equity real estate investment trust.
 After completion of the offering, the REIT will own and operate an initial portfolio of 33 properties comprising 15,261 sites. Twenty of the properties, in Michigan and Florida, were contributed by Chateau Estates; seven in Florida were contributed by Intercoastal Communities, Inc.; and six in western Michigan were contributed by Maas Manufactured Home Group.
 The company, which is being listed on the New York Stock Exchange under the symbol CPJ, said proceeds of the offering will be used for debt repayment, working capital and acquisitions and expansion.
 -0- 11/17/93
 /CONTACT: Gayle L. McGarvah, APR, 313-884-1222, for Chateau Properties, Inc./


CO: Chateau Properties, Inc.; Chateau Estates ST: Michigan IN: SU: OFR

KE -- DE011 -- 5436 11/17/93 11:28 EST
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Publication:PR Newswire
Date:Nov 17, 1993
Words:201
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