Insignia Financial Group Acquires Brooke International's Indian Operations

Apr 10, 2001, 01:00 ET from Insignia Financial Group Inc.

    NEW YORK, April 10 /PRNewswire/ -- In a transaction that further enhances
 its expanding global services platform, Insignia Financial Group Inc.
 (NYSE:   IFS), a leading provider of real estate and financial services, has
 acquired the Indian operations of Brooke International, a commercial real
 estate services company based in Hong Kong.  In December 2000, Insignia had
 acquired the Brooke International operations in Hong Kong, China and Thailand,
 which are now operating as Insignia Brooke.  The purchase price for the Indian
 operations was not disclosed.
     The Indian business employs 43 individuals at offices in Mumbai (formerly
 Bombay), New Delhi, Hyderabad and Bangalore.  Key clients include Proctor &
 Gamble, Philips, Bharat Petroleum Corp., WIPRO, the Tata Group of Companies
 and Standard Chartered/Grindlays Bank.
     "With Brooke International's Indian operations, we will have the ability
 to represent multinationals that have a presence in India, and expand our
 global cross-selling opportunities in the Asia-Pacific region," said Andrew L.
 Farkas, chairman and chief executive officer of Insignia Financial Group.
 "There is a growing corporate real estate services market developing in India
 for Western companies, which are capitalizing on high levels of education, IT
 knowledge and capability and low staff costs."
     In addition, Simon Robinson, 41, former director of International Business
 at Insignia, has been promoted to chief executive officer of Insignia Brooke
 and will relocate to Hong Kong.  Mr. Robinson will oversee the day-to-day
 operations of Insignia Brooke, including its operations in India.
 
     Insignia Financial Group, Inc., based in New York, is a premier real
 estate services company with leadership positions in the commercial and
 residential sectors.  Its major operating units are: Insignia/ESG, one of the
 largest providers of commercial real estate services in the United States;
 Insignia Richard Ellis, one of the premier real estate services firms in the
 United Kingdom; Realty One, one of the largest residential real estate
 brokerage firms in the United States and the largest in Ohio; Douglas Elliman,
 the number one provider of residential sales and rental brokerage in the New
 York City market, and Insignia Residential Group, the largest manager of
 cooperative and condominium housing in the New York metropolitan area.
 Additional information about the company is available on the corporate website
 at http://www.insigniafinancial.com.
 
     Certain items discussed in this press release constitute forward-looking
 statements within the meaning of the Private Securities Litigation Reform Act
 of 1995 and, as such, involve known and unknown risks, uncertainties and other
 factors which may cause the actual results, performance or achievements of the
 Company to be materially different from any future results, performance, or
 achievements expressed or implied by such forward-looking statements.
 Statements which make reference to the expectations or beliefs of the Company
 or any of its management are such forward-looking statements.  These include
 references to the effects of the Brooke International acquisition.  Such
 forward-looking statements speak only as of the date of this press release.
 The Company expressly disclaims any obligation or undertaking to release
 publicly any updates or revisions to any forward-looking statements contained
 herein to reflect any change in the Company's expectations with regard thereto
 or any change in events, conditions or circumstances upon which any such
 statement is based.
 
 

SOURCE Insignia Financial Group Inc.
    NEW YORK, April 10 /PRNewswire/ -- In a transaction that further enhances
 its expanding global services platform, Insignia Financial Group Inc.
 (NYSE:   IFS), a leading provider of real estate and financial services, has
 acquired the Indian operations of Brooke International, a commercial real
 estate services company based in Hong Kong.  In December 2000, Insignia had
 acquired the Brooke International operations in Hong Kong, China and Thailand,
 which are now operating as Insignia Brooke.  The purchase price for the Indian
 operations was not disclosed.
     The Indian business employs 43 individuals at offices in Mumbai (formerly
 Bombay), New Delhi, Hyderabad and Bangalore.  Key clients include Proctor &
 Gamble, Philips, Bharat Petroleum Corp., WIPRO, the Tata Group of Companies
 and Standard Chartered/Grindlays Bank.
     "With Brooke International's Indian operations, we will have the ability
 to represent multinationals that have a presence in India, and expand our
 global cross-selling opportunities in the Asia-Pacific region," said Andrew L.
 Farkas, chairman and chief executive officer of Insignia Financial Group.
 "There is a growing corporate real estate services market developing in India
 for Western companies, which are capitalizing on high levels of education, IT
 knowledge and capability and low staff costs."
     In addition, Simon Robinson, 41, former director of International Business
 at Insignia, has been promoted to chief executive officer of Insignia Brooke
 and will relocate to Hong Kong.  Mr. Robinson will oversee the day-to-day
 operations of Insignia Brooke, including its operations in India.
 
     Insignia Financial Group, Inc., based in New York, is a premier real
 estate services company with leadership positions in the commercial and
 residential sectors.  Its major operating units are: Insignia/ESG, one of the
 largest providers of commercial real estate services in the United States;
 Insignia Richard Ellis, one of the premier real estate services firms in the
 United Kingdom; Realty One, one of the largest residential real estate
 brokerage firms in the United States and the largest in Ohio; Douglas Elliman,
 the number one provider of residential sales and rental brokerage in the New
 York City market, and Insignia Residential Group, the largest manager of
 cooperative and condominium housing in the New York metropolitan area.
 Additional information about the company is available on the corporate website
 at http://www.insigniafinancial.com.
 
     Certain items discussed in this press release constitute forward-looking
 statements within the meaning of the Private Securities Litigation Reform Act
 of 1995 and, as such, involve known and unknown risks, uncertainties and other
 factors which may cause the actual results, performance or achievements of the
 Company to be materially different from any future results, performance, or
 achievements expressed or implied by such forward-looking statements.
 Statements which make reference to the expectations or beliefs of the Company
 or any of its management are such forward-looking statements.  These include
 references to the effects of the Brooke International acquisition.  Such
 forward-looking statements speak only as of the date of this press release.
 The Company expressly disclaims any obligation or undertaking to release
 publicly any updates or revisions to any forward-looking statements contained
 herein to reflect any change in the Company's expectations with regard thereto
 or any change in events, conditions or circumstances upon which any such
 statement is based.
 
 SOURCE  Insignia Financial Group Inc.

RELATED LINKS

http://www.insigniafinancial.com