UNITED ASSET MANAGEMENT CORPORATION COMPLETES ACQUISITION OF HEITMAN FINANCIAL LTD.
BOSTON, Aug. 26 /PRNewswire/ -- United Asset Management Corporation (NYSE: UAM) today announced that it has completed the previously announced acquisition of Heitman Financial Ltd., the real estate investment management firm, bringing UAM's assets under management to more than $86 billion. Heitman, headquartered in Chicago and Los Angeles, manages approximately $5.2 billion in real estate assets for both domestic and international clients. The firm employs a conservative investment philosophy that emphasizes the acquisition of high quality properties in major U.S. cities and selected institutional quality properties in second tier markets. "Heitman has an outstanding reputation as one of the finest full- service institutional real estate investment management firms, and we welcome them to the UAM family," said Norton H. Reamer, president of UAM. Heitman's principal activities include: investment advisory and asset management services; property acquisition and disposition; mortgage banking and mortgage brokerage services; and property management and leasing. The firm will operate under its own name and will maintain its investment and operating independence in keeping with UAM's long-standing policy for affiliates. It will also remain completely separate from UAM's other real estate investment management affiliates. At closing, UAM exchanged 2,024,000 shares of its common stock for all of Heitman's outstanding shares in a transaction that will be accounted for as a pooling of interests. Under accounting principles applicable to poolings, UAM must retroactively restate its financial results to include the results of Heitman and these newly issued shares. Because closely held firms usually show very little net income prior to joining UAM, the company anticipates this acquisition will have a dilutive effect on third quarter earnings to be reported in October and on prior periods. The dilution resulting from this restatement required by pooling accounting does not reflect on UAM's currently level of operations or progress going forward. UAM is confident its strong record of growth will continue. UAM provides investment management services, primarily to institutional clients, through 35 operating firms which manage more than $86 billion for 4,700 clients located throughout the United States and abroad. -0- 8/26/93 /CONTACT: Gregory S. Dimit or Franklin H. Kettle of UAM, 617-330- 8900; or George Sard or Anna Cordasco of Sard Verbinnen & Co., 212-687- 8080/ (UAM)
CO: United Asset Management Corporation; Heitman Financial Ltd. ST: Massachusetts, California, Illinois IN: FIN SU: TNM
DH-LG -- NY009 -- 6015 08/26/93 08:53 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Aug 26, 1993|
|Previous Article:||BISYS ANNOUNCES AGREEMENT TO ACQUIRELEADING RATE SURVEY BUSINESS FOR BANKS|
|Next Article:||RESEARCH REPORT ON LEADING SPANISH SUGAR COMPANY|