PRAEDIUM, SKB ACQUIRE SIMI VALLEY RETAIL PROPERTY FOR $39 MILLION

September 1, 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 Mountain Gate Shopping Center located in Simi Valley, CA for $39.6 million or $135 per square foot.

Built in the mid-1960s, this 292,300-square-foot retail property is located on 25 acres and was renovated in the early 2000s. At time of purchase, the property was 93 percent occupied. The seller was Rubin-Pachulski Properties, who were represented by Faris Lee Investment.

Chris Hughes, principal at Praedium stated, "This is an appealing acquisition because of the strong growth being experienced in Ventura County, combined with the intrinsic value of approximately 25 well-located acres in a burgeoning submarket. We believe that value will be added as we reposition the theater and vacant interior mall space for its highest and best use."

"We have been approached by a number of firms interested in re-opening the 35,000-sf theater that closed several years ago, so that's the direction we are headed in at this time," says SKB principal Todd Gooding. "If that works out, it could lead to a complete renovation of the interior part of the mall."

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. To date, SKB's portfolio activity is in excess of $1.4 billion and 12.5 million square feet. More than 550 high-net-worth individuals, families and trusts throughout the U.S. invest with SKB.

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.