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MARLTON, N.J. and MADRID, Spain, Dec 21, 2009 (GlobeNewswire via COMTEX News Network) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that a subsidiary company, Gerens Hill International S.A., has established a new majority-owned subsidiary company, Gerens Hill Gestion de Activos, S.A., that will be providing real estate asset management services.
Gerens Hill Gestion de Activos has entered into a three-year management agreement with another newly-formed company, Aliancia Zero, S.A., a real estate investment company entirely owned by nine Spanish financial institutions that has been organized with initial real estate assets of approximately $400 million.
"Gerens Hill has strong relationships with many of the largest financial institutions in Spain," said David L. Richter, Hill's President and Chief Operating Officer. "Gerens Hill initiated the development of Aliancia to help provide solutions to these institutions for the current property market," Richter added.
Gerens Hill is also moving forward on the creation of the next real estate investment company and has estimated to reach in the next several months a total volume of approximately $1.4 billion in real estate assets under management.
Hill International, with 2,300 employees in 80 offices worldwide, provides program management, project management, construction management and construction claims and consulting services. Engineering News-Record magazine recently ranked Hill as the 8th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
The Hill International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5733
Certain statements contained in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information contained in this press release, the matters set forth herein including, but not limited to, any projections of earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include: modifications and termination of client contracts; control and operational issues pertaining to business activities that we conduct on our own behalf or pursuant to joint ventures with other parties; difficulties we may incur in implementing our acquisition strategy; the need to retain and recruit key technical and management personnel; and unexpected adjustments and cancellations related to our backlog. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in the reports we have filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.
(HIL-G)
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SOURCE: Hill International, Inc.
CONTACT: Hill International, Inc. John P. Paolin, Vice President of Marketing and Corporate Communications (856) 810-6210 johnpaolin@hillintl.com The Equity Group Inc. Devin Sullivan, Senior Vice President (212) 836-9608 dsullivan@equityny.com
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