THE PRAEDIUM GROUP ANNOUNCES PROMOTIONS OF THREE EMPLOYEES

January 18, 2006 - New York - The Praedium Group LLC, a New York City-based national real estate investment firm, announced today that it has promoted Lynn Eisenberg to assistant vice president and Qiuwei Chen and Scott Schonfeld to associates.

"Lynn, Qiuwei and Scott have, through hard work and personal initiative, become integral members of Praedium's team," said Russ Appel, Praedium Group's president. "We're appreciative of their efforts and look forward to continued excellence in their new positions."

Eisenberg joined Praedium Group in December 2004. She is responsible for investor and external communications, as well as marketing and public relations. Prior to joining Praedium, she was an associate director at UBS Global Asset Management where she was responsible for servicing institutional accounts representing approximately $1 billion in assets. Eisenberg holds a Bachelor of Arts in Organizational Management from the University of Michigan.

Chen joined Praedium in June 2003 as an analyst and is responsible for providing analytical support to the acquisitions, asset management and disposition teams. Prior to joining Praedium, Chen interned with the Realty Investors Group at UBS Global Asset Management. During his time at UBS, Chen assisted on the group's acquisition efforts, as well as on asset management functions for the group's retail and international portfolios. Chen received a B.A. in Government and International Relations from Cornell University.

Schonfeld joined Praedium in June 2003 as an analyst. He is responsible for analysis, due diligence, and transaction execution functions for the acquisition of new assets, as well as for the management and disposition of existing assets. Prior to joining Praedium while attending Columbia, Schonfeld worked for Pinnacle Communities, a real estate development and investment company, where he provided due diligence support and oversaw the construction of the company's residential developments. Schonfeld received a B.A. in Economics from Columbia University.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with over $5 billion in total investments to date in more than 225 transactions comprised of 40 million square feet of commercial space and 44,000 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 more than $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. Cadim, a Montreal-based real estate advisor and portfolio manager, is a major shareholder of The Praedium Group. Cadim is a division of the Caisse de depot et placement du Quebec and a member of the Real Estate group of the Caisse. The Caisse is one of the world's 10 largest real estate managers among pension fund managers. For more information, please see www.praediumgroup.com.