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KEMPER CORP. FORMS NEW REAL ESTATE SUBSIDIARY

 KEMPER CORP. FORMS NEW REAL ESTATE SUBSIDIARY
 LONG GROVE, Ill., July 22 /PRNewswire/ -- Kemper Corp. (NYSE: KEM)


today announced the formation of a new subsidiary to manage certain of its real estate activities.
 Stephen B. Timbers, the company's chief investment officer, said that Kemper Real Estate Management Company (KRMC) is planning to assume management of more than 200 properties which generally are jointly owned by Kemper and Peter B. Bedford, president of Bedford Properties Holdings Ltd. (BPHL). These properties, managed at this time by BPHL, are located primarily in California.
 In making the announcement, Timbers affirmed that Peter B. Bedford's equity ownership positions in the various joint ventures with the Kemper organization are unaffected by this management company change. KRMC would manage the joint ventures for the mutual benefit of both parties. Bedford will be free to move forward with separate and unrelated ventures.
 Upon completing agreements with Bedford, KRMC plans to offer employment to approximately 400 people, most of whom are currently employed by BPHL. KRMC would be headquartered in Lafayette, Calif., in the same facility where BPHL is based. It is anticipated that BPHL will ultimately move to new facilities.
 Frederick L. Stephens, 47, has been named president of KRMC. He will report to John Neal, executive vice president for real estate investments at Kemper Financial Services, Inc., a Kemper Corp. subsidiary.
 Stephens most recently was division president, Greater Los Angeles Region, for The Koll Company, where he was responsible for the firm's real estate activity in the California counties of Los Angeles, Ventura, San Bernardino, select areas of Riverside County and in Las Vegas, Nev.
 "Rick Stephens is a quality individual with excellent credentials and I'm looking forward to working with him," said Bedford. "While I intend to be fully involved in all major decisions affecting the joint ventures and to continue as chairman of Kemper/Bedford Properties, Inc., I plan to separately develop new projects through BPHL."
 "We are delighted to have a person of Rick's caliber and background join KRMC," said Timbers. "Rick is an accomplished California real estate executive, and we feel that he is the right person, at the right time, to head this new organization."
 Kemper Corp. is a nonoperating holding company with subsidiaries in asset management, securities brokerage, life insurance, reinsurance, property-casualty insurance and risk management.
 -0- 7/22/92
 /CONTACT: Steve Radis, 312-499-8393 or Ira Nathanson, 312-499-8831, for Kemper Corp/
 (KEM) CO: Kemper Corp.; Kemper Real Estate Management Company ST: Illinois, California IN: FIN SU:


TQ -- NY039 -- 1833 07/22/92 11:14 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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