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Bank One to Buy Real Estate Securities Manager
CHICAGO, September 17, 2003 - Bank One Corporation
(NYSE: ONE) today announced it entered into an agreement to acquire
Security Capital Research & Management Incorporated, a registered
investment advisor and recognized expert in developing real estate
investment products for institutional investors, from GE Real Estate.
The transaction, which is subject to regulatory approvals and other
customary conditions, is expected to close by the end of 2003. Terms
were not disclosed.
Security Capital Research & Management will become
a wholly owned subsidiary of Banc One Investment Advisors and will
continue to operate as a distinct investment team.
Chicago-based Security Capital Research & Management
is one of the leading U.S. managers of real estate securities, providing
clients with a wide range of investment products principally through
separate accounts, mutual funds and a private real estate investment
company focused on convertible preferred private equity placements.
The company manages approximately $3.5 billion in real estate investments
and has an excellent long-term investment record, consistently outperforming
the industry over one-, three- and five-year periods.
"The Security Capital Research & Management
acquisition expands our growing asset management capabilities and
bolsters our strategy to provide institutional clients with a wide
range of high-performing products," said David J. Kundert,
chief executive officer of Bank One's Investment Management Group.
"Security Capital Research & Management's outstanding team
of investment professionals will continue to oversee the rigorous
investment process that has consistently generated their solid track
record."
"Joining Bank One's highly regarded investment
and research platform enhances our ability to create new real estate
investment products and to appropriately serve our expanding base
of institutional clients to the greatest extent possible,"
said Anthony R. Manno, Jr., president and chief executive officer
of Security Capital Research & Management.
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