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FIRST GUARDIAN GROUP AND ASSET PLUS COMPANIES FORM
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Press Release, For Immediate Publication Deal creates new sponsor entity for real estate Tenant in Common and private equity investments San Jose, June 8, 2007 - First Guardian Group and Asset Plus Companies are pleased to announce that they have formed a new sponsor entity under which both firms will participate in offering a range of real estate investment opportunities suitable for investors seeking 1031 Tenant in Common exchanges and also those seeking real estate development investment opportunities. The new entity will retain the First Guardian Group name and represent an approximate 50/50 holding by the partners. "This transition represents a significant milestone for both firms as our combined resources and resulting synergy will increase our ability to offer high quality products and services to our investors," said Paul Getty, President of First Guardian Group. "We believe that an important key to our future success will be to have integrated asset management and property and leasing resources. Asset Plus provides us with such a relationship," said Dinesh Gupta, co-founder and Senior Vice President of First Guardian Group. "We are proud to be taking the next step with First Guardian Group in further developing our mutual relationship and leveraging our combined team strengths to better meet the needs of our clients and investors" said Mike McGrath, Chairman of Asset Plus Companies. "We look forward to becoming further recognized as a leading real estate investment, development, and services provider and we believe that this new partnership will expand our capabilities and overall market reach," said Steve Spessard, CEO of Asset Plus Companies. About First Guardian Group First Guardian Group was founded in San Jose in 2003 as an independent investment management firm offering investors the opportunity to participate in managed investment grade real estate properties and syndications. First Guardian Group works closely with nationally recognized securities broker-dealers who offer the firm's investments to their clients. The firm's focus is to meet the needs of other investors seeking quality income producing real estate investments including commercial, retail, mixed-use, condominium conversion, and multi-family buildings. The firm currently oversees development and income properties that are valued in excess of $250 million. In 2006, the firm embarked on an initial relationship with Asset Plus Companies to utilize their services to provide local property management and leasing services. The relationship was expanded to include asset management by Asset Plus of all of the First Guardian Group's properties in the spring of 2007. The company's internet address is www.firstguardiangroup.com. About Asset Plus Companies Asset Plus Companies was founded in Houston in 1986 as a third party property management firm specializing in providing a variety of real estate services to investors, developers, and institutional owners. Since its inception, the company has served as property manager and asset manager to over 51.5 million square feet of properties including more than 43,300 apartment and student housing units, and over 12.6 million square feet of office, retail, and industrial space. A significant number of these projects required renovations and/or extensive lease-up, after which the properties were typically refinanced or sold. This "value-added" approach has resulted in substantial gains for clients / investors. Today, the company oversees a portfolio of close to 100 properties located throughout Texas, Alabama, Arizona, Florida, Indiana, Iowa, Michigan, Missouri, Oklahoma and Tennessee. This portfolio contains over 12.3 million square feet of space representing property values of over $1 billion in multi-family, student housing, office, industrial, retail, and other property types. Included in this portfolio are those assets managed for third party clients, and also a number of properties owned by the principals of the Company. To accommodate this workload, the company has assembled a staff of over 500 with offices in Houston and Bryan/College Station. These personnel have expertise in development, property management, asset management, acquisitions and dispositions, leasing and marketing, financial analysis, construction supervision, accounting, and other asset management functions. The company's internet address is www.assetpluscorp.com. Information Jan Getty Jeny Cortez |
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