PRAEDIUM GROUP CLOSES REAL ESTATE FUND SIX WITH $700 MILLION

August 22, 2005-New York, N.Y. - The Praedium Group LLC, a national real estate investment firm, announced today the successful closing of its $700 million real estate private equity fund, The Praedium Fund VI, L.P. ("Praedium 6"). The equity in Praedium 6, the firm's largest fund to date, will be leveraged to acquire over $2 billion in real estate assets.

The 36 institutional investors in Praedium 6 include public, corporate and foreign pension funds, foundations, endowments and other financial institutions. Almost 90 percent of investors from its last fund returned to invest in Praedium 6. Praedium 6 will invest 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.

"We are seeking assets that can be enhanced through focused or creative leasing, management or repositioning," said Russell Appel, president of The Praedium Group. "We've been successful because our strategy is designed to evolve with the markets. The situations that we pursue are largely dependent on our team's ability to identify opportunistic transactions and successfully execute value-added business plans, rather than being solely dependent on increasing market conditions."

The Praedium Group sought $500 million when it began marketing the fund and was able to exceed its target due to its prior performance, consistent strategy and favorable acceptance in the investor marketplace.

"Praedium's consistent strategy of focusing on the middle-market, combined with the relationships we've built over the past 14 years, positions us well within the current liquid real estate environment. We are seeing many opportunities that fit our strategy, a trend which we expect to continue over the life of Praedium 6," said chief investment officer Floyd Lattin.

Praedium 6 is led by principals Russell Appel, Floyd Lattin, Frank Patafio and Christopher Hughes.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with over $4 billion in total investments to date in over 200 transactions comprised of 38 million square feet of commercial space and 33,000 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.

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.