PRAEDIUM GROUP EXPANDS OFFICE SPACE

January 31, 2005-New York -The Praedium Group LLC, a New York City-based national real estate investment firm, announced today that it has moved office locations to 825 Third Avenue from its prior location at 950 Third Avenue.

"Praedium has expanded rapidly over the last few years, both in terms of business and staff. Our new offices allow us the space to continue to grow, as we expect to, over the long-term," said Russ Appel, Praedium Group's president.

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.