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NEW AMERICA NETWORK ESTABLISHES U.S. REAL ESTATE INDUSTRY'S FIRST OPERATION IN RUSSIA

 NEW AMERICA NETWORK ESTABLISHES U.S. REAL ESTATE INDUSTRY'S
 FIRST OPERATION IN RUSSIA
 HIGHSTOWN, N.J., May 7 /PRNewswire/ -- New America Network, commercial real estate's largest network of brokers, is the first U.S. real estate organization operating in Russia.
 The Highstown-based organization has accepted into its membership Moscapstroi/Westminster, Russia's first independent commercial real estate brokerage with a staff trained in Western real estate principles. It joins new America's total membership of over 140 brokerages providing real estate services in over 200 markets throughout North American and Europe.
 Moscapstroi/Westminster/New America, its new name, has a main office in central Moscow and subsidiary offices in all other districts of that city available to provide a full scope of real estate services throughout the Moscow area. Laws allowing land sales in Russia are not expected to be in place until summer, which means the entity's initial assignments will be leasing.
 "We are proud to help corporate real estate blaze a new trail into what can become an extremely valuable real estate market for corporations. Our efforts will allow clients to approach this exciting, new market with the same confidence they would have in conducting real estate transactions at home," said Gerald C. Finn, New Amercia's president and founder.
 New America's new member is an association of Moscapstroi, a longtime Moscow City Council subsidiary which developed most of the apartments, and much retail and institutional property in that city, and Westminster Group, an Atlanta brokerage that's handled several hundred million dollars worth of transactions in Southeastern United States.
 Moscapstroi/Westminster was created early this year after Parker Hudson CCIM, Westminster's president, helped provide real estate training to some Moscapstroi mangers. The training was in a program arranged by the Commercial Investment Real Estate Institute affiliate of the National Association of Realtors. Hudson a senior instructor for the institute and editor for the training program.
 As a New America member, Moscapstroi/Westminster/New America is on a team of highly-sophisticated real estate service providers. Its brokers in Russia will handle in the field real estate work, while New America's corporate services system provides the coordination, communication and management to ensure assignments fully meet clients' requirements.
 Finn said the extent to which corporations will demand real estate in Russia can't be determined until economic conditions throughout Europe evolve further. But, he said, "New America stands ready as the primary source for services for companies that already have requirements in Russia or an interest in learning more about opportunities there."
 New America is real estate's largest network of brokerages and corporate real estate services. Services include site search, leasing, tenant representation, acquisitions and dispositions including auctions, property management, asset management, financing and numerous investment services such as facilitating tax-free property exchanges.
 Hudson said New America's Moscow presence allows corporations to "bridge the gap between two business cultures" while attaining an approach to Russian real estate that is "both completely Western and completely Russian." He said it provides corporations the following:
 -- experienced real estate executives throughout the United States who understand corporations' need and can translate them into the Russian market.
 -- working knowledge of virtually every building and vacant parcel in Moscow.
 -- engineers who understand all aspects of development in Russia, including property availability and local politics.
 -- professional adept at getting projects completed in Moscow.
 -- access to a brokerage that's not aligned with any development company but offers the ability to joint venture with experienced Moscow developers.
 -0- 5/7/92
 /CONTACT: John Coveleski of New America, 609-448-4700 ext.211/ CO: New America Network ST: New Jersey IN: FIN SU:


SM-LR -- NY056 -- 7611 05/07/92 12:11 EDT
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Publication:PR Newswire
Date:May 7, 1992
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