PRAEDIUM GROUP EXPANDS TEAM

June 1, 2005-New York -The Praedium Group LLC, a New York City-based national real estate investment firm, announced today that it has expanded its team with four new hires, associates Gregory Guido and David Krantz, and analysts Asim Hamid and Erik Sorensen.

"We are very excited to strengthen and expand our team," said Russ Appel, Praedium Group's president. "It's a pleasure to welcome Greg, David, Asim, and Erik as we continue to build our capabilities."

Guido, 32, will focus on acquisitions and asset management. Prior to joining Praedium, he worked in acquisitions at Liquid Realty Partners, a real estate private equity firm that acquires interests in real estate funds and partnerships on a secondary basis. Before Liquid Realty Partners, Guido worked in leveraged finance at Credit Suisse First Boston and at Donaldson, Lufkin & Jenrette. He began his professional career in investment banking at SBC Warburg (now UBS) focusing on mergers and acquisitions and corporate finance transactions. Guido holds a B.A. in Economics from Middlebury College and an M.B.A. from the Harvard Business School.

Krantz, 25, will focus on dispositions and asset management of portfolio assets. Prior to joining Praedium, Krantz was an account manager and senior credit analyst in the Commercial Real Estate Lending Department of Commerce Bank, responsible for portfolio management and underwriting real estate transactions in New York City. Krantz received a B.A. in Political Science from the University of Michigan.

Hamid, 26, will focus on acquisitions and asset management. Prior to joining Praedium, he worked at Affirmative Equities Company where he was involved in the underwriting and analysis of multifamily acquisitions primarily in the southeastern United States and metropolitan New York City. Hamid received a BS in Finance and Accounting from the Stern School of Business at New York University.

Sorensen, 24, will focus on acquisitions and asset management. Prior to joining Praedium, Sorensen worked for College Street Management, a real estate development firm specializing in the redevelopment of historic buildings. While at CSM, Sorensen assisted with construction oversight, due diligence and commercial leasing. He received a B.A. with distinction in Economics from Yale University.

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, generally, 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.