<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
- --------------------------------------------------------------------------------
SCHEDULE 14D-1
Tender Offer Statement Pursuant to Section 14(d)(1)
of the Securities Exchange Act of 1934
(AMENDMENT No. 4)
- --------------------------------------------------------------------------------
AETNA REAL ESTATE ASSOCIATES, L.P.
(Name of Subject Company)
ACORN HILL PARTNERS L.L.C.
(Bidder)
LIMITED PARTNERSHIP DEPOSITARY UNITS
(Title of Class
of Securities)
008171 10 0
(CUSIP Number of Class
of Securities)
- --------------------------------------------------------------------------------
W. Edward Scheetz
Acorn Hill Partners L.L.C.
1301 Avenue of the Americas, 38th Floor
New York, NY 10019
Copy to:
Peter M. Fass
Steven L. Lichtenfeld
Battle Fowler LLP
75 East 55th Street
New York, NY 10022
(212) 856-7000
(Name, Address and Telephone Number of
Person Authorized to Receive Notices and
Communications on Behalf of Bidder)
<TABLE>
<CAPTION>
Calculation of Filing Fee
- --------------------------------------------------------------------------------
Transaction Amount of
Valuation* Filing Fee
- --------------------- ----------------------
<S> <C>
$34,143,462 $6,828.70
- --------------------------------------------------------------------------------
</TABLE>
*For purposes of calculating the filing fee only. This amount assumes
the purchase of 3,176,136 Limited Partnership Depositary Units ("Units") of the
subject company for $10.75 per Unit in cash.
{x} Check box if any part of the fee is offset as provided by Rule 0-
11(a)(2) and identify the filing with which the offsetting fee
was previously paid. Identify the previous filing by
registration statement number, or the Form or Schedule and date
of its filing.
Amount previously paid: $6,352.28
Form or registration no.: Schedule 14D-1
Filing party: Acorn Hill Partners L.L.C.
Date filed: October 30, 1996
(Continued on following pages)
(Page 1 of 3 pages)
<PAGE> 2
Cusip No.: 008171 10 0 14D-1 Page 2 of 3
- -------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
ACORN HILL PARTNERS L.L.C.
- -------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [ ]
(b) [ ]
- -------------------------------------------------------------------------------
3. SEC Use Only
- -------------------------------------------------------------------------------
4. Sources of Funds (See Instructions)
AF; WC
- -------------------------------------------------------------------------------
5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Item 2(e) or 2(f)
[ ]
- -------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
- -------------------------------------------------------------------------------
7. Aggregate Amount Beneficially Owned by Each Reporting Person
5,000 Limited Partnership Depositary Units
- -------------------------------------------------------------------------------
8. Check Box if the Aggregate Amount in Row (7) Excludes
Certain Shares (See Instructions)
[ ]
- -------------------------------------------------------------------------------
9. Percent of Class Represented by Amount in Row (7)
Less than 1%
- -------------------------------------------------------------------------------
10. Type of Reporting Person (See Instructions)
OO
<PAGE> 3
AMENDMENT NO. 4 TO SCHEDULE 14D-1
This Amendment No. 4 amends the Tender Offer Statement on Schedule 14D-1
filed by Acorn Hill Partners L.L.C., a Delaware limited liability company (the
"Purchaser"), with the Securities and Exchange Commission on October 30, 1996,
as amended by Amendment No. 1 filed on November 12, 1996, Amendment No. 2 filed
on November 29, 1996 and Amendment No. 3 filed on December 2, 1996, relating to
the tender offer by the Purchaser to purchase up to 3,176,136 of the issued and
outstanding Limited Partnership Depositary Units ("Units") of Aetna Real Estate
Associates, L.P., a Delaware limited partnership (the "Partnership"), for the
purpose of correcting the calculation of the filing fee as set forth on the
cover page to this Schedule 14D-1. Terms not otherwise defined herein shall
have the meaning ascribed to them in the Schedule 14D-1 and the Offer to
Purchase.
After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: December 3, 1996
ACORN HILL PARTNERS L.L.C.
By: AP-GP Prom Partners Inc., its
managing member
By: /s/ Richard Mack
----------------------
Name: Richard Mack
Title: Vice President
3
