PRAEDIUM GROUP TARGETS $500 MILLION IN SOUTHERN CALIFORNIA

Real Estate Firm To Increase Acquisitions In The Region

New York - March 19, 2004 - The Praedium Group LLC, a New York City-based national real estate investment firm announced today it is targeting up to $500 million for acquisitions in Southern California, particularly in the Los Angeles, San Diego, and Orange County markets. During the past few years, the Praedium Group has purchased more than $325 million of properties in Southern California.

Chris Hughes, principal the Praedium Group said, "We continue to focus our investments in multi-family, office, industrial and retail properties located in the region. With some the strongest markets in the U.S., we think Southern California's ongoing economic growth will present tremendous opportunities moving forward."

During the last six months, the Praedium Group has closed several acquisitions in Southern California including the purchase of Summer View Apartments, a 169-unit, 129,000 square foot multi-family property located in Sherman Oaks, CA for $17 million; the 200-300 Corporate Pointe Office Center located in Culver City, CA, which includes two 5-story buildings and a 7-level parking garage totaling 205,492 square feet for $31 million; and 5601 East La Palma Avenue, a four-story office property comprising 117,500 square feet in Anaheim, CA for $11 million.

"These transactions underscore our commitment to investing in quality properties with quality tenants, and we're looking to make significantly more investments in Southern California this year," added Hughes.

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 recently closed on a $465 million real estate private equity fund, Praedium Fund V. This equity will be leveraged to acquire $1.5 billion in properties. The fund is investing 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.