Macfarlan Capital Partners Announce Purchase of Select Centex Destination Properties...

Macfarlan Capital Partners Announce Purchase of Select Centex Destination Properties Assets

Macfarlan Forms TerraMesa Resorts to Manage Exclusive Destinations
and Second-Home Communities Located on Lakes, Ocean-front and
Mountains
DALLAS--(Business Wire)--
Macfarlan Capital Partners, L.P., a Dallas-based private real
estate investment firm, announced today the purchase of five exclusive
resort and second-home communities in three states. These newly
acquired properties will become part of TerraMesa Resorts brand, a
resort development and management company formed by Macfarlan. Please
visit www.terramesaresorts.com

TerraMesa Resorts is an innovative resort development and
management company that will oversee operations at the acquired
properties that include The Hollows on Lake Travis and The Waters at
Horseshoe Bay Resort on Lake Lyndon B. Johnson, both near Austin,
Texas; Pointe West in Galveston, Texas; Bear Lake Reserve in
Tuckasegee, N.C.; and South Peak Resort on Loon Mountain, in Lincoln,
N.H. Macfarlan previously purchased "V" at Lake Las Vegas in Nevada
from Centex and this also becomes a TerraMesa Resorts property.

"I've always traveled to make memories and I return to places to
create memories for my family," said Dean Macfarlan, founder and
Managing Partner of Macfarlan Capital Partners. "This is the
philosophy behind TerraMesa Resorts, destinations that become family
memories and communities that people return to again and again."

The luxury second-home and resort properties were purchased from
the Centex Destination Properties (CDP) division of Centex Homes, a
subsidiary of Centex Corporation (NYSE:CTX). The purchase includes
acquisition of the Centex Hospitality platform, which directs
operations in the communities, and now becomes part of TerraMesa
Resorts.

All five properties are set in uniquely beautiful locations on the
shores of pristine lakes, forested mountains or windswept beaches.
They include marinas, golf courses, water and snow skiing, mountain
fishing and other amenities to draw people outdoors and encourage
family activities.

"The properties are beautiful and the team assembled by Centex has
years of experience in successful resort management," said Scott
Covington, President of TerraMesa Hospitality Group. "This expertise
will now be combined with Macfarlan's financial strength and
entrepreneurial spirit to create some of the most desirable vacation
destinations in the country. We intend to take these remarkable
properties and make them even better."

Timothy R. Eller, chairman and chief executive officer of Centex
Corp., said: "Our employees on the CDP team and with Centex
Hospitality Group have done an outstanding job of building these
projects into premier resort and second-home communities. We're
pleased to have completed this agreement with Macfarlan, a firm that
shares our desire for high quality and customer satisfaction. For
Centex, this transaction supports our strategy of focusing on our core
homebuilding business as we prepare to take advantage of the
opportunities ahead."

About Macfarlan

Macfarlan Capital Partners, L.P. is a private real estate fund
sponsor committed to serving institutional investors, family offices,
wealth management advisors and individuals. Built upon nearly a
quarter-century of direct commercial real estate experience and having
completed over $1 billion in real estate investments, Macfarlan has
cultivated an extensive network of proprietary relationships and
unmatched insight into the real estate sector. Deep experience and an
extensive network enables better pricing of fundamental value and
presents exceptional investment opportunities. Macfarlan's
entrepreneurial creativity and institutional discipline produce
outstanding risk-adjusted returns through all phases of the real
estate cycle. For more information, visit www.macfarlan.com

About TerraMesa Resorts

TerraMesa Resorts is a privately-held resort development and
management firm specializing in exclusive active vacation destination
communities. The firm, a wholly-owned subsidiary of Macfarlan Capital
Partners, owns and operates destination communities in Texas, North
Carolina, New Hampshire and Nevada. Headquartered in Dallas. For more
information, call 214-932-3113.

About Centex

Dallas-based Centex, founded in 1950, is one of the nation's
leading homebuilding companies. Its leading brands include Centex
Homes, Fox & Jacobs Homes and CityHomes. In addition to its
homebuilding operations, Centex's related business lines include
mortgage, title and insurance services, and integrated pest-defense
systems. These businesses provide operational or financial support to
homebuilding activities and are leaders in their respective
industries. Centex has ranked among the top three builders on FORTUNE
magazine's list of "America's Most Admired Companies" for nine
straight years and leads the industry for quality and customer
satisfaction.

Murphy O'Brien
Spencer Castillo, 310-586-7111

Copyright Business Wire 2008