PRAEDIUM, AFFIRMATIVE ACQUIRE ORLANDO PROPERTY FOR $24 MILLION

January 24, 2005-New York -The Praedium Group LLC, a New York City-based national real estate investment firm, announced today a joint venture acquisition with New York City-based Affirmative Equities to purchase Camden Fountains located at 5175 Cinderlane Parkway in Orlando, FL for $23.8 million or $43,000 per unit.

Built from 1984-1986, the multi-family garden style property has 552 units. At the time of purchase, the property was 93 percent occupied. The property offers two pools, two tennis courts and racquetball courts.

Mark Lippmann, head of the Southeast Region for Praedium's acquisition group stated, "We're very excited about the Florida market. For Praedium, this is our second significant purchase in Orlando, alone, over the last few months. We have purchased 45 properties in Florida and continue to be interested in all of its markets."

Bob Miller, senior vice president of CB Richard Ellis who represented the seller, said, "This was an extremely smooth transaction. For my client, to be able to close the deal in thirty days was a requirement and this team was able to execute under those circumstances."

John Harvatin, Vice President and Chief Financial Officer of Affirmative Equities Company, said, "This is a great property located in a market that we're excited about. We plan to execute a renovation program, both on the exterior and interior of the property, which will enhance its attractiveness to current and future tenants."

Affirmative Equities Company is a full service real estate investment and development firm specializing in multi-family and senior housing opportunities on the East Coast.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with $4 billion in total investments to date in 1,200 assets comprised of 33 million square feet of commercial space and 28,000 multi-family units. 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 investing its most recent $465 million real estate private equity fund, Praedium Fund V. This equity will be leveraged to acquire over $1.5 billion in properties. The fund invests 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. CDP Capital-Real Estate Advisory, a Montreal-based real estate advisor and portfolio manager, is a major shareholder of The Praedium Group. CDP Capital-Real Estate Advisory is an affiliate of the Caisse de depot et placement du Quebec, one of the world's 10 largest real estate managers. For more information, please see www.praediumgroup.com.