MARLTON, N.J. and MADRID, Spain, Dec. 21, 2009 (GLOBE NEWSWIRE) -- 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.
