DMC to combine property arms

Deseret Management Corp. said Friday it has transferred two divisions — Zions Securities Corp. and Hawaii Reserves Inc. to Property Reserve Inc., a real estate investment holding company of The Church of Jesus Christ of Latter-day Saints.

DMC said the action, effective Jan. 1, creates one entity in which the real estate-related activities will be managed together.

Zions Securities, in business since 1922, is a commercial real estate developer and property manager/owner.

Hawaii Reserves manages and owns property affiliated with the LDS Church in the Hawaiian islands, primarily in Laie on the north shore of Oahu, including a hotel redevelopment project next to the Polynesian Cultural Center.

DMC, a for-profit operating company owned by the LDS Church, directs and manages seven commercial divisions: Bonneville International, Deseret Book, Deseret Digital Media, Deseret News, KSL Broadcasting, Beneficial Financial Group and Temple Square Hospitality.