press release

Chevron Press Release - Chevron Land Concludes Sale Of Major Real Estate Interests

SAN FRANCISCO, May 10, 1996 -- Chevron Corporation today announced the sale of 17,000 acres of land for residential and commercial development in several real estate properties in California. The sale substantially completes Chevron's previously announced decision to exit the real estate business, noted Craig Rice, vice president, Chevron Land and Development Company.

The sale, for an undisclosed sum, is to two organizations: an affiliate of Morgan Stanley Real Estate Fund II, Limited Partners; and PLC, a California general partnership, consisting of PLC Holdings and affiliates of Lennar Corporation and Tiger Real Estate Fund.

Chevron announced last year that it had begun marketing its real estate assets that were held by Chevron Land and Development Co., Huntington Beach Co., Pacific Coast Homes, and a number of affiliated companies. This sale is the third and final portfolio transaction contemplated under the original announcement. Additional, smaller individual property sales are anticipated over the next two years.

Updated: May 1996