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Non-Tech : Cendant Corporation (NYSE:CD) -- Ignore unavailable to you. Want to Upgrade?

To: don denson who wrote (3069)	2/22/1999 11:01:00 AM
From: JakeStraw	Read Replies (1) \| Respond to of 3627

Century 21(R) Announces Major Master Franchise Agreement in Europe - International Real Estate Franchise Consulting Group (IRFC) to Drive Success in Nine European Countries - - CENTURY 21(R) Franchise System to Grow Beyond Current Base of Over 600 European Offices PARSIPPANY, N.J., Feb. 22 /PRNewswire/ -- Century 21 Real Estate Corporation, franchisor of the world's largest residential real estate sales organization, has announced a blockbuster master franchise agreement to develop CENTURY 21® offices throughout Europe. The agreement, which was entered into by developer Phil Yeager's company Master Greater Europe L.L.C., in conjunction with Rafael Noriega's company CENTURY 21® Iberia, calls for the rapid expansion of the CENTURY 21 brand throughout Europe. The partnership plans office openings in Germany, Austria, Italy, Greece, Poland, Norway, Sweden, Denmark and Finland within the year. CENTURY 21 Iberia already holds the development rights for Spain and Portugal, while other existing CENTURY 21 master franchise agreements in Europe include France (also covering Switzerland and Monaco), Benelux (covering Belgium, the Netherlands and Luxembourg) and the United Kingdom (covering England, Ireland, Scotland and Wales). Those countries are already home to over 600 CENTURY 21 offices. ''Mr. Yeager, (Chairman of Master Greater Europe L.L.C.), Rafael Noriega, (National Director of CENTURY 21 Iberia), and the staff of CENTURY 21 Iberia are experienced real estate professionals who have a proven track record of accomplishment in the franchise business,'' stated Robert Moles, President & CEO of Century 21 Real Estate Corporation. ''With these two groups at the helm, I am highly confident that CENTURY 21 will experience significant new growth throughout Europe over the next few years. This landmark agreement will serve to reinforce the CENTURY 21 System's position as the world's largest residential real estate sales organization as we head into the 21st century.'' For Yeager, the CENTURY 21 System is well-known terrain. His affiliation with the System began in 1972, when he and his brother acquired the CENTURY 21 franchise rights for a portion of Southern California, which eventually grew to include 200 offices and 5,000 salespeople. In 1976, the Yeagers acquired a second region in the American Northwest (Oregon, Washington and Idaho), that also grew to include 200 offices and 3,500 salespeople. In 1989, the Yeagers partnered with another group of developers to acquire the master franchise rights for Mexico. To date, they have opened 109 offices there. In addition, Mr. Yeager's group owns the franchise rights for all of South America. Such expertise has led the partnership to establish International Real Estate Franchise Consulting (IRFC), which places consultants on-site at international franchise locations and guides them for their first year of operation. The consultant is responsible for training the franchise's staff to operate the regions. Consulting is offered on three levels: structuring and operating the region for developers, management development for brokers, and career path counseling for associates. A consulting agreement allows IRFC to check in with the franchise's field offices every six months to review operations and offer recommendations as necessary. ''This is a complete training program,'' added Yeager. ''The consultation and follow-up programs offered by our firm provide unmatched outside guidance, which is invaluable when investors are launching an international franchise.'' Century 21 Real Estate Corporation (http://www.century21.com) is the franchisor of the world's largest residential real estate sales organization, providing comprehensive training, management, administrative and marketing support for the CENTURY 21® System. The System is comprised of more than 6,300 independently owned and operated franchised broker offices in more than 25 countries and territories worldwide. Century 21 Real Estate Corporation is a subsidiary of Cendant Corporation (NYSE: CD - news). SOURCE: Century 21 Real Estate Corporation