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WORLD'S LARGEST AUCTION SET FOR AUGUST 13; HALF BILLION DOLLARS IN COMMERCIAL PROPERTY TO BE SOLD BY JONES LANG WOOTTON AND KENNEDY-WILSON

WORLD'S LARGEST AUCTION SET FOR AUGUST 13; HALF BILLION DOLLARS IN COMMERCIAL PROPERTY TO BE SOLD BY JONES LANG WOOTTON AND KENNEDY-WILSON
 NEW YORK, June 8 /PRNewswire/ -- The largest global auction ever -- half-billion dollars in U.S. commercial properties -- will take place Thursday, Aug. 13, through a joint venture of two of the world's most successful real estate firms. Top executives from Jones Lang Wootton, the world's largest real estate services organization, and Kennedy- Wilson Inc., the nation's leading real estate auction-marketing firm, announced plans today for the International Auction of U.S. Commercial Real Estate to be held in Los Angeles.
 Buyers from throughout the United States, Europe, Asia, Latin America and the Middle East are expected to bid on the 66 properties located throughout the United States. Reserve prices range from $2 million to $30 million, and buyers must arrive with a $100,000 (U.S.) cashier's check to qualify for the bidding.
 Kennedy-Wilson and Jones Lang Wootton today launched a worldwide marketing effort that will include advertising in 72 publications in 12 languages. Sales people will be deployed to contact institutional and individual investors on six continents.
 The diversified portolio of properties to be sold includes office and industrial buildings, retail centers, multifamily, and hotels.
 An auction catalogue will be available on June 18 by calling 800-522-6664. International investors can obtain a catalogue by calling Hong Kong 852-8465000 or London 44-71-493-6040. A comprehensive due diligence package will be prepared on each property and will be available to interested investors for $125 (U.S.).
 -0- 6/8/92
 /EDITOR'S NOTE: To obtain a complete property list contact Karen Diehl at Casey & Sayre 310-457-3676./
 /CONTACT: Barbara Casey or Karen Diehl of Casey & Sayre, 310-457-3676, for Jones Lang Wootton and Kennedy-Wilson/ CO: Jones Lang Wootton; Kennedy-Wilson Inc. ST: New York IN: FIN SU:


EH -- LA004 -- 7696 06/08/92 07:00 EDT
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Publication:PR Newswire
Date:Jun 8, 1992
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