Security Capital Announces Preliminary Results of Self-Tender Offer

Apr 18, 2001, 01:00 ET from Security Capital Group Incorporated

    CHICAGO, April 18 /PRNewswire/ -- Security Capital Group Incorporated
 (NYSE:   SCZ) announced today the preliminary results of its modified Dutch
 auction self-tender offer, which expired April 17, 2001.  Pursuant to
 applicable securities laws, Security Capital expects to purchase
 9,302,326 shares of Class B Common Stock at a purchase price of
 $20.50 per share, or a total of approximately $191 million.  Security Capital
 expects the proration to be approximately 78% of those shares tendered at or
 below the purchase price.  All shares purchased in the tender offer will
 receive the same price.
     The price per share and the proration are preliminary and subject to
 verification by the depositary.  The actual price per share and the proration
 will be announced promptly following completion of the verification process.
 After the determination of the actual price per share and the proration, the
 depositary for the tender offer will issue payment for the shares accepted
 under the offer and return all shares not accepted.
     Security Capital commenced the tender offer on March 19, 2001, when it
 offered to purchase up to 9,302,326 shares of its Class B Common Stock at a
 price between $18.50 and $21.50 per share net to the seller in cash, without
 interest.  As a result of the completion of the tender offer, Security Capital
 expects to have approximately 139 million shares issued and outstanding as of
 the time immediately following payment for the tendered shares.  After
 completion of the tender offer Security Capital will have approximately
 $44 million remaining on the company's current $250 million share repurchase
 program.
     Morgan Stanley acted as dealer manager for the tender offer.
 
     Security Capital is a leading international real estate operating and
 investment management company.  The company's strategy is to own all or a high
 percentage of a few real estate businesses that function as private operating
 divisions and to eliminate the discount to the underlying value of its assets.
 Security Capital currently has ownership positions in 13 real estate
 businesses.  The company plans to reposition or sell its investment in several
 of these businesses and focus its capital in those that hold one of the top
 two market positions in their specific niche and are able to create measurable
 brand value, as well as generate significant income from services and managed
 capital.  Security Capital will build on the operating strengths of the
 remaining private divisions to achieve superior sustainable financial results.
 The principal offices of Security Capital and its directly owned affiliates
 are in Atlanta, Brussels, Chicago, El Paso, Houston, London, Luxembourg, New
 York and Santa Fe.
 
 

SOURCE Security Capital Group Incorporated
    CHICAGO, April 18 /PRNewswire/ -- Security Capital Group Incorporated
 (NYSE:   SCZ) announced today the preliminary results of its modified Dutch
 auction self-tender offer, which expired April 17, 2001.  Pursuant to
 applicable securities laws, Security Capital expects to purchase
 9,302,326 shares of Class B Common Stock at a purchase price of
 $20.50 per share, or a total of approximately $191 million.  Security Capital
 expects the proration to be approximately 78% of those shares tendered at or
 below the purchase price.  All shares purchased in the tender offer will
 receive the same price.
     The price per share and the proration are preliminary and subject to
 verification by the depositary.  The actual price per share and the proration
 will be announced promptly following completion of the verification process.
 After the determination of the actual price per share and the proration, the
 depositary for the tender offer will issue payment for the shares accepted
 under the offer and return all shares not accepted.
     Security Capital commenced the tender offer on March 19, 2001, when it
 offered to purchase up to 9,302,326 shares of its Class B Common Stock at a
 price between $18.50 and $21.50 per share net to the seller in cash, without
 interest.  As a result of the completion of the tender offer, Security Capital
 expects to have approximately 139 million shares issued and outstanding as of
 the time immediately following payment for the tendered shares.  After
 completion of the tender offer Security Capital will have approximately
 $44 million remaining on the company's current $250 million share repurchase
 program.
     Morgan Stanley acted as dealer manager for the tender offer.
 
     Security Capital is a leading international real estate operating and
 investment management company.  The company's strategy is to own all or a high
 percentage of a few real estate businesses that function as private operating
 divisions and to eliminate the discount to the underlying value of its assets.
 Security Capital currently has ownership positions in 13 real estate
 businesses.  The company plans to reposition or sell its investment in several
 of these businesses and focus its capital in those that hold one of the top
 two market positions in their specific niche and are able to create measurable
 brand value, as well as generate significant income from services and managed
 capital.  Security Capital will build on the operating strengths of the
 remaining private divisions to achieve superior sustainable financial results.
 The principal offices of Security Capital and its directly owned affiliates
 are in Atlanta, Brussels, Chicago, El Paso, Houston, London, Luxembourg, New
 York and Santa Fe.
 
 SOURCE  Security Capital Group Incorporated