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NATIONAL GOLF PROPERTIES INC. ANNOUNCES INITIAL PUBLIC OFFERING OF COMMON STOCK

    SANTA MONICA, Calif., Aug. 13 /PRNewswire/ -- National Golf Properties Inc. (NYSE: TEE) announced earlier this week that it has made an initial public offering of 9,716,000 shares of its Common Stock at a price of $20.375 per share.  All shares are being offered by the company.
    Morgan Stanley & Co. Inc. and Smith Barney Shearson Inc. are co- managers of the underwriting group.  Copies of the prospectus relating to the offering can be obtained from the offices of Morgan Stanley & Co. Inc. at 1251 Avenue of the Americas, New York, N.Y. 10105; or Smith Barney Shearson Inc. at 1345 Avenue of the Americas, New York, N.Y. 10105.
    National Golf Properties Inc. is a self-administered real estate investment trust formed for the purpose of acquiring and owning golf course properties.  The company's initial portfolio consists of 47 golf courses in 42 separate locations.  It also holds participating mortgage loans secured by four additional golf courses and has purchase options to acquire such courses.
    Richard C. Price, president and director, will head National Golf Properties Inc.  Assisting Price will be Edward R. Sause, executive vice president, chief financial officer and director; Scott S. Thompson, general counsel and chief leasing officer; Joseph H. Champ, vice president acquisitions (western region); and W. Scott McMartin, vice president acquisitions (eastern region).  David G. Price, a pioneer in golf course acquisition and management, is chairman of the board.
    -0-             08/13/93
    CONTACT:  Terry Wills or Lane Butler of Wills Communications, 310- 379-7347, for National Golf Properties
    (TEE) CO:  NATIONAL GOLF PROPERTIES IN:  LEI SU:  OFR ST:  CA


-- LA008 -- X632 08/13/93
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Publication:PR Newswire
Date:Aug 13, 1993
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