PRAEDIUM, ESSEX RIVER SELL SALEM, NH-BASED OFFICE PORTFOLIO FOR $8 MILLION

September 7, 2005-New York - The Praedium Group LLC, a New York City-based national real estate investment firm, and Boston-based Essex River Ventures, announced today the disposition of the Manor Parkway Business Park, a three building portfolio of office/flex buildings located at 10 Manor Parkway, 12A Manor Parkway and 12B Manor Parkway in Salem, NH. The buildings were sold to Portsmouth- based investor, the Sarnia Group, for $8.15 million, or $67 per square foot.

Built from 1981-1983, Salem Parkway consists of three, single story office/flex buildings comprising 121,500 square feet. The property was purchased in May 2003. Praedium and Essex River completed significant capital improvements including roof and HVAC replacements. Chris Hughes, a principal at Praedium, said, "Our capital improvement program at Manor Parkway allowed us to bring occupancy from 50 percent when we purchased the property to 90 percent at the time of the sale."

John Fenton, President of Essex River Ventures, said, "This was the first of five value added acquisitions we made over 18 months and it is our first disposition. We expect to do more transactions in the next two quarters."

Essex River Ventures is a Boston based real estate operating company that owns and manages a 1.2 million square foot real estate portfolio worth approximately $100 million. With assets located in Massachusetts, Rhode Island and New Hampshire, Essex River concentrates on opportunistic investments that combine value income and growth.

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.