SUPPLEMENT DATED FEBRUARY 28, 1997 TO PROSPECTUS FOR
THE GUARDIAN REAL ESTATE ACCOUNT OF
THE GUARDIAN INSURANCE & ANNUITY COMPANY, INC.
The following supplementary information should be read in conjunction with the
Prospectus dated May 1, 1996 for The Guardian Real Estate Account (the "Real
Estate Account") and retained with the Prospectus for future reference.
Termination of the Real Estate Account
At a meeting on February 27, 1997, the Board of Directors of The Guardian
Insurance & Annuity Company, Inc. ("GIAC") adopted a plan pursuant to which the
Real Estate Account will be terminated on December 31, 1997 (or such earlier
date as may be determined by the Executive Committee of the GIAC Board of
Directors). GIAC will initiate a program to sell the Real Estate Account's
assets on or prior to the termination date and expects to invest the proceeds
of such sales in short-term U.S. government securities and highly rated money
market instruments.
Effective February 28, 1997, units of the Real Estate Account are no longer
being offered, and are no longer available for allocations of net premiums
through the various variable insurance contracts and policies issued by GIAC, or
for transfers of contract or policy values. Although the restrictions on
withdrawals from the Real Estate Account set forth in the "Restrictions on
Withdrawals" section of the prospectus remain in effect, GIAC reserves the
right, in its sole discretion, to terminate or liberalize these restrictions as
proceeds from the sale of the Real Estate Account's assets are realized. In
advance of the termination date, GIAC will provide information regarding the
procedures by which owners of variable insurance contracts and policies who are
currently invested in the Real Estate Account can reallocate the amounts
invested to other available investment options on the termination date (or such
earlier date as GIAC may determine in its sole discretion). On the termination
date, any amounts remaining in the Real Estate Account for which owner
reallocation instructions have not been received will be reallocated in a manner
consistent with applicable legal requirements, as determined by GIAC's Board of
Directors.
Value of Glastonbury Properties
The Executive Committee of the GIAC Board of Directors has increased the
aggregate value of the Real Estate Account's office buildings located at 45 and
115 Glastonbury Boulevard in Glastonbury, Connecticut (the "Glastonbury
Properties") to $6,900,000, effective as of the close of business on February
24, 1997.
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Sales of Glastonbury Properties
The GIAC Board of Directors recently approved the execution and delivery of a
letter of intent to sell the Glastonbury Properties. The closing of the sales
will occur following the execution and delivery of a definitive purchase
agreement and satisfaction of the conditions set forth in the letter of intent
and the purchase agreement. Although there can be no assurance that the parties
will enter into a definitive purchase agreement for the Glastonbury Properties
or that all of the necessary conditions will be satisfied, it is currently
expected that the aggregate proceeds of the sales will be equal to or greater
than the current valuation of the Glastonbury Properties.
