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 NEW YORK, Sept. 9 /PRNewswire/ -- The Yarmouth Group, Inc., the global real estate investment advisory firm based in New York, and Lend Lease Corporation, a major international property, financial services and fund management company based in Sydney, Australia, today announced an agreement in principle to form a strategic alliance between the two companies, according to Christopher D. Budden, chairman and CEO of The Yarmouth Group and Stuart Hornery, executive chairman of Lend Lease.
 The move will provide a capital base for the planned business expansion of The Yarmouth Group, one of the largest institutional real estate investment advisors in the world, and extend the global reach of the financial and corporate property services offered by the publicly traded Lend Lease Corporation. One of the 20 largest companies in Australia by market capitalization (US$2 billion), the Lend Lease group also includes MLC Life, Australia's third largest life insurer.
 Mr. Budden, who will continue as president and CEO of The Yarmouth Group, said the strategic alliance will take the form of an acquisition by Lend Lease Corporation of The Yarmouth Group including its property management subsidiary and international operations.
 Under the terms of the agreement, Yarmouth will retain its name and all of its approximately 300 employees. The offices of The Yarmouth Group in New York, Chicago, Atlanta, Los Angeles, San Francisco and London will also continue to operate as previously. It is expected that the firm's existing client list will remain unchanged.
 The Yarmouth Group launched its U.S. operations in 1976 as Richard Ellis, Inc., with two employees, investing in commercial real estate in the U.S. on behalf of domestic and foreign pension funds and other institutional investors. Since then, the firm has grown into a fully integrated global investment management and advisory organization. In 1989 it acquired the minority interest held by its former British parent and was renamed The Yarmouth Group. Currently, the group has real estate assets under management valued at about $6.5 billion. It ranks as the seventh largest real estate investment advisory firm in the U.S. Its clients include many of the largest institutions in the U.S., Europe and Japan.
 The Lend Lease Group is a leading Australian property investment, asset management and financial services organization with more than US$12 billion under management. The group's 1992 revenues totaled US$1.7 billion. Its property investment and asset management organization has assets valued at more than US$2.7 billion under management, including one of the largest retail mall portfolios in Australia. Founded in Sydney in 1951, Lend Lease has had operations in North America and southeast Asia for more than 15 years. Two years ago the group opened offices in Europe and since then has undertaken investment and development of regional shopping centers in France and the U.K. with local managers.
 Commenting on the change, Mr. Budden said, "We are extremely pleased with this strategic alliance with Lend Lease Corporation. The combination of the capital resources of Lend Lease Corporation and the real estate investment expertise of The Yarmouth Group provides great opportunity for both companies to enhance and expand our current operations and create new areas of business. The Yarmouth senior management has been together for more than 10 years, giving a highly experienced and cohesive team. Our skills and experience with the experience and financial strength of Lend Lease will ensure an organization capable of providing superior service and performance to its clients on a global basis."
 Mr. Hornery added, "Lend Lease has for the past 32 years been singularly focused on servicing the property investment requirements of its institutional clients. We are now seeking to expand our client base to other like-minded institutions who are interested in investment in well managed property both locally and globally. The expertise and experience of the Yarmouth team will add a new dimension to our capability."
 -0- 9/9/93
 /CONTACT: Edward P. Meyer of The Yarmouth Group, Inc., 312-861-1105, or Sheila Kelley of Gavin Anderson & Co., 212-921-1060/

CO: The Yarmouth Group, Inc.; Lend Lease Corporation ST: New York IN: SU: TNM

MP-OS -- NY038 -- 0348 09/09/93 13:06 EDT
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Publication:PR Newswire
Date:Sep 9, 1993

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