Cendant to acquire DeWolfe for $149 million Cendant...

Industry Watch

August 18, 2002

Cendant to acquire DeWolfe for $149 million

Cendant Corp. announced last week that it would acquire the second-largest publicly traded real estate company, DeWolfe Cos., for $149 million in cash, or $19 per share.

Under the acquisition agreement, a subsidiary of Cendant's real estate division, NRT Inc., will make a tender offer for DeWolfe's common stock. After the closing of the tender offer, NRT will merge DeWolfe with one of its wholly owned subsidiaries.

DeWolfe's operations will join with NRT-owned Coldwell Banker Hunneman to create a combined organization that will operate as Coldwell Banker Residential Brokerage.

Stockholders of DeWolfe holding about 72 percent of outstanding shares of common stock have agreed to tender their shares.

Consummation of the transaction, which has received U.S. antitrust clearance, is expected to be complete in September.

Masonry Homes starts Hampstead project

Masonry Homes Inc. recently broke ground at its newest condominium community - the Fields at Hampstead.

The project will feature 66 garden-style condominiums with two bedrooms and two full baths priced from the $120,000s. Construction on the first building is to be complete by the end of the year.

Martin K.P. Hill, president of Masonry Homes, started the company in 1971. It is active in Maryland and Pennsylvania home construction.

On the move

The Apartment Group,

an Atlanta-based multifamily investment advisory firm, has named Andrew M. White as a director for its Mid-Atlantic region. White joined Cushman & Wakefield's Washington office as part of the firm's recent acquisition of the Apartment Group. White will focus on the brokerage of multifamily properties in the Washington area as well as throughout the Mid-Atlantic and the Southeast. Cushman & Wakefield acquired the Apartment Group in 2001. Together, TAG and the Multi-Family Group of Cushman & Wakefield have exceeded $2 billion in multifamily property sales since the merger.

Sperry Van Ness,

a commercial real estate investment firm, has named Patrick Dougal as affiliate adviser. Dougal joins B.K. Allen, Frank Judnich, Ed Koepenick and K.C. Whang, the team of affiliate advisers of Sperry Van Ness in the Baltimore-Washington area. With more than 20 years' experience in the commercial real estate industry, Dougal has secured transactions valued at more than $100 million throughout the United States. During his career in the industry, he has brokered, financed and developed millions of square feet of office and industrial properties in the Baltimore area. A resident of Baltimore, Dougal holds a master's degree in finance from Loyola College of Maryland and a bachelor's degree in economics from University of Maryland.

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