INDUSTRY NEWS

Toll Brothers Forms Division to Acquire Distressed Real Estate

07/29/2010

HORSHAM, PA -- Toll Brothers, Inc., the nation's leading builder of luxury homes, has announced the formation of Gibraltar Capital and Asset Management LLC, a wholly owned subsidiary of Toll Brothers, Inc., to pursue a broad range of real estate acquisition and investment opportunities.

Douglas C. Yearley, Jr., Toll Brothers' chief executive officer, stated: "We are excited to launch Gibraltar Capital at a time when we believe there are many potential investments arising from the distress in the real estate industry. We intend to leverage Toll Brothers' relationships, nationwide presence and well-known brand name, as well as our capital access, land acquisition and development strength and experience in distressed acquisitions and workouts, to pursue opportunities that have synergies with, but may fall outside, our core home building operations. These opportunities may include the acquisition and disposition of loan and property portfolios; the development of sites for sale to other builders; providing assistance to banks and developers in the workout of troubled real estate; and a myriad of other potential investments where our capabilities and capital access can add value.

"We are thrilled to have this initiative led by Toll Brothers veterans Roger A. Brush and Michael L. LaPat. Roger brings a legal background, experience in the distressed acquisition arena and 17 years of Toll operational home building experience to this new venture. Mike, who has been a senior manager in our Finance group, has over a decade of experience at Toll in mergers and acquisitions, due diligence, valuations and the structuring and financing of complex ventures."