PRAEDIUM, SKB ACQUIRE HILLSBORO, OR OFFICE PROPERTY FOR $55 MILLION

August 23, 2005-New York - The Praedium Group LLC, a New York City-based national real estate investment firm, announced today a joint venture acquisition with Portland-based ScanlanKemperBard Companies to purchase eight buildings and one ground lease at AmberGlen Business Center located on Compton Drive in Hillsboro, OR for $54.8 million or $102 per square foot.

Built from 1984 to 2002, AmberGlen Business Center - located on 32 acres - is the largest business center in Oregon. The eight buildings purchased in this transaction total 536,500 square feet and represent about 40 percent of the business park. Amenities include a lake, jogging paths, outdoor amphitheater, soccer field, basketball and tennis courts, helipad, conference facility, bank, deli, dry cleaners, day care center and full service health club. At the time of purchase, AmberGlen was 66 percent occupied. The seller was Principal Global Investors who was represented by Portland-based GVA Kidder Mathews.

Chris Hughes, principal at Praedium said, "We plan to take advantage of the continued strengthening of the Sunset Corridor office submarket in order to attract new tenants and increase occupancy at AmberGlen Business Center."

"The upside lies in leasing up the vacant space and giving the buildings the attention they have needed," says SKB principal Todd Gooding. "With the recovery underway, our intelligence tells us that Westside vacancy will be in the single digits by 2009."

ScanlanKemperBard Companies, LLC, was founded in early 1993 in Portland, Oregon. Since then, SKB has become one of the West's leading real estate merchant banking firms specializing in opportunistic investment in Western U.S. projects having total capitalization in the $15 million to $100 million range.

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.

Praedium is investing its most recent $700 million real estate private equity fund, Praedium Fund VI. This equity will be leveraged to acquire over $2 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.