CHICAGO, Feb. 24 /PRNewswire/ -- EVEREN Securities, Inc. announced today
that during the year ended Dec. 31, 1997, its Real Estate Group served as
underwriter or advisor in 29 engagements for 24 separate clients totaling
approximately $2.8 billion. Capital-raising efforts were concentrated in the
common equity and preferred markets.
Selected deals for 1997 included a sole-managed $206 million institutional
private equity placement for CORE Cap Inc., a real estate investment trust
(REIT) sponsored for GMAC Mortgage Group, Inc.; a $56 million initial public
offering (IPO) for Silverleaf Resorts, Inc.; a $66 million convertible
preferred stock offering for Thornburg Mortgage Asset Corp. and an $80 million
convertible preferred stock offering for U.S. Restaurant Properties, Inc.
"Building on the momentum established last year, EVEREN's Real Estate
Group already has four transactions slated for early in the first quarter of
1998, including a co-managed $190 million IPO for a mortgage real estate
investment trust, a sole-managed $20 million follow-on offering for ILX
Resorts, and a number of secondary offerings for existing public REITs," said
Jon K. Haahr, Managing Director and head of EVEREN's Real Estate Investment
Banking Group.
"During the last six months we've seen a growing trend of public offerings
among companies in industries related to real estate in the leisure and
recreation areas. These trends are providing growing opportunities to work
with companies in such businesses as skiing, timeshare and golf, and we
believe represent significant new business opportunities for EVEREN's Real
Estate Group," Haahr added.
To enhance its ability to generate new business in such related
industries, EVEREN will broaden its mandate beyond traditional real estate
property types and dedicate banking and research personnel to the lodging and
leisure industries. That effort was initiated through the recent hiring of an
analyst who will focus exclusively on the lodging and leisure sectors.
EVEREN's Real Estate, Lodging and Leisure Group, as it will be known in the
future, is made up of 14 professionals on two teams, one focused on raising
public capital and the other on the private capital market and advisory work.
Through its team of banking and research professionals, EVEREN Securities
provides a full complement of banking, advisory, research, sales and trading
services to commercial real estate lodging companies. During 1997, the group
was engaged in a broad range of assignments, including raising debt and equity
capital as well as mergers and acquisitions advisory work.
EVEREN Securities, Inc. ranks among the 10 largest national full-service
brokerage firms in the U.S. EVEREN serves individual, corporate, municipal
and institutional clients through an integrated network of more than 1,300
investment consultants in 135 offices. The firm combines the capital markets
resources of a large national organization with the personalized service and
dedication of a smaller firm. Currently, EVEREN holds approximately
$49 billion of client assets in 500,000 active client accounts. EVEREN
Securities, Inc. is a member of the Securities Investor Protection
Corporation, the New York Stock Exchange and other principal exchanges.
EVEREN Securities is a subsidiary of EVEREN Capital Corporation (NYSE: EVR).
For more information about EVEREN, visit the firm's Web site at
http://www.everensec.com.
SOURCE EVEREN Securities
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Related links:
http://www.everensec.com
CONTACT:
Molly A. Keveney, 312-574-6155, or Edgar P.
McDougal, 312-574-5791, both of EVEREN Securities
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
121760
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