PRAEDIUM, SOUTH BAY ACQUIRE SANTA CLARA BUSINESS PARK FOR $26 MILLION

March 29, 2005-New York -The Praedium Group LLC, a New York City-based national real estate investment firm, announced today a joint venture acquisition with Campbell, CA-based South Bay Development Company to purchase the Coronado-Stender Business Park located in Santa Clara, CA for $26 million or $113 per square foot. The seven building property is located at 2900, 2901, 2950, 3000-3032, and 3001 Coronado Drive and 2902 and 2972 Stender Way.

Built in 1974, the property is located on 15.75 acres in the center of Silicon Valley and offers 227,600 total square feet in seven single-story buildings. At time of purchase, the property was 100 percent occupied. Major tenants include Integrated Device Technology (IDT) and DuPont.

Chris Hughes, Principal at Praedium stated, "We continue to see opportunity in this market as its economic revival continues to build."

Mark Regoli, Partner of South Bay, said, "We offer on-the-ground insight into the opportunities available in Silicon Valley. This is our second successful pairing with Praedium on an office park transaction in the area and we look forward to working together again in future."

South Bay Development acquires, develops and owns commercial property for its own account and in partnership with a variety of institutional investors. The firm focuses its efforts entirely in Northern California and is considered one of the leading managers and developers of office, industrial, and research and development product.

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.