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NAI, Kranzco form first publicly held network

Published Wednesday, April 01, 1998

Providing for a long-term cooperative agreement under which the two companies will collaborate in developing new opportunities and revenue streams for each other, Kranzco Realty Trust, a real estate investment trust, and New America International (NAI), an affiliation of commercial real estate brokerage and related services firms, have executed a letter of intent to enter into a strategic alliance that will recapitalize NAI as a public company which will be 9.8% owned by Kranzco. NAI's recapitalization will occur in two stages. Kranzco will first conduct an exchange offer for 80% of the outstanding common stock of NAI and, ...

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