PRAEDIUM, AFFIRMATIVE ACQUIRE ORLANDO MULTI-FAMILY FOR $10 MILLION

August 30, 2005-New York - The Praedium Group LLC, a New York City-based national real estate investment firm, announced today a joint venture acquisition with New York-based Affirmative Equities to purchase Magnolia Grove Apartments located at 2174 Sharp Court in Fern Park, Orlando, FL for $10.3 million or $29,261 per unit.

Built in two phases from 1970-1972, the property - located on 19 acres - consists of 352 units housed in 44 two-story buildings, with a separate community and leasing center. There are 563 parking spaces, or 1.6 per unit. At time of purchase, the property was 92 percent occupied. The seller was MGA Partners who was represented by CBRE.

Mark Lippmann, head of the Southeast Region for Praedium's acquisition group, stated, "This transaction represents our fifth acquisition in the Orlando market over the last 18 months. The Orlando multi-family market is forecasted to continue to strengthen in the near and mid-term. Interesting dynamics, including continued population growth and the conversion of a significant number of units to condominiums, make buying mutli-family rentals compelling."

John Harvatin, Vice President and Chief Financial Officer of Affirmative Equities Company, said, "This is our tenth transaction with Praedium. We recently teamed up for the purchase of Camden Fountains, a 552-unit multi-family property in Orlando. We plan to execute a $2 million renovation program at Magnolia Grove Apartments, similar to what is in place at Camden Fountains."

Affirmative Equities Company is a full service real estate investment and development firm specializing in multi-family and senior housing opportunities on the East Coast.

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.