Gale International Readies for Global Expansion

NEW YORK, Feb. 21 /PRNewswire/ -- Gale International today announced that it has realigned its domestic portfolio in order to pursue an expanded global investment strategy.

To that end, The Gale Company last week sold its New Jersey real-estate portfolio and related support operations to publicly-held Mack-Cali Realty Corporation , a leading U.S. real-estate investment trust. The proceeds from the pending $545 million transaction, as well as other investment transactions in progress, will fund an international investment vehicle and be utilized to recapitalize Gale International -- a separate, privately held company -- so as to bolster its ability to make further strategic worldwide investments.

Gale International's worldwide holdings and activities include the world's largest real-estate project, the $25 billion New Songdo City development in Incheon, South Korea. In addition, the company is actively pursuing development opportunities in China, Boston, New York and California. Gale International will continue to be led by managing partners Stanley C. Gale and John B. Hynes, III.

"Gale International is now a far more robust and well-capitalized company," said Stan Gale. "Our commitment to our worldwide development projects has been dramatically reaffirmed through these transactions and recapitalization."

"We are processing several major developments this year. The largest -- New Songdo City and its $2 billion First Phase -- is expected to commence shortly," added John Hynes. "We are extremely well positioned to accomplish our goals."

Thomas C. Hubbard, former Ambassador to the Republic of Korea and Chairman of the New Songdo City Advisory Board commented, "These transactions are a welcome indication of Gale International's future as a global player. In particular, the commitment, energy and resources of the Gale International team will add strength to the company's operations in Korea and pave the way for productive investments throughout Asia and beyond."

Gale International's Financial Advisor and limited partner is Morgan Stanley, New York. "Gale International has now strategically refocused its domestic balance sheet to better position its global efforts," said Christopher Niehaus, Vice Chairman of Morgan Stanley Global Real Estate. "As a result, we foresee that Gale International's ability to attract foreign direct investment in its international projects will significantly improve."

Gale International, headquartered in Manhattan, has offices in Boston, Los Angeles, Seoul and Incheon, South Korea.