THE PRAEDIUM GROUP SELLS OFFICE AND RETAIL COMPLEX IN NEW JERSEY FOR $39.6 MILLION

September 12, 2003-New York--The Praedium Group LLC, a New York City-based national real estate investment firm announced today the sale of Princeton Forrestal Village, an office and retail complex located in Princeton, New Jersey to the Gale Company and GE Partners Group for $39.6 million.

Built in 1987, the property consists of 320,000 square feet of office space, approximately 93% leased, and 175,000 square feet of retail space in a village-style setting, with a landscaped square featuring a fountain and courtyards. The property is located on US Route 1, near Interstates 95 and 295, Route 206 and the New Jersey Turnpike.

Frank Patafio, CFO of Praedium Group said, "We invested in this mixed use property because it is well-located along major commuter routes within the Princeton metro area. During our ownership, we developed an additional office building, and enhanced occupancy significantly."

The Praedium Group is a real estate investor focusing on underperforming and undervalued assets throughout North America, with more than $2 billion in total investments to date. Praedium was formed in 1991 with a leading international investment bank as its sole investor.

Building on the experience and exposure gained through this original investment program, Praedium has been a sponsor of commingled real estate private equity funds since 1994. The funds sponsored by Praedium have attracted investors that include public and corporate pension funds, financial institutions, insurance companies and endowments.

Praedium is currently investing in its most recent $465 million real estate private equity fund, Praedium Fund V. This equity will be leveraged to acquire $1.5 billion in properties. The fund will invest in mid-cap assets throughout the United States and Canada in the $10 to $70 million range, targeting multi-family, office, retail and industrial property types. For more information please see www.praediumgroup.com.