PRAEDIUM GROUP AND WESTMOUNT REALTY SELL 231,000 SF TEXAS RETAIL CENTER

March 16, 2006-New York and Dallas -The Praedium Group LLC, a New York City-based national real estate investment firm, and Dallas-based Westmount Realty Capital, LLC, announced today the sale of Richland Centre, a retail property located in North Richland Hills, Texas. Terms of the transaction were not disclosed.

Built in 1993 on 21 acres, Richland Centre, located at 8501-8645 Airport Freeway, at the intersection of Loop 820 and Highway 183 in the Dallas-Fort Worth area, comprises five single-story retail buildings totaling 231,458 square feet. The property was 81 percent leased at the time of sale to an affiliate of Lamar Companies, headquartered in Morristown, New Jersey.

Mark Lippmann, vice president of Praedium said, "The Dallas-Fort Worth economy is quite strong and has continued to gain momentum, which has allowed the retail market to flourish. The increased competition for retail makes this property very attractive."
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"Richland Centre is an important destination for the eastern Tarrant County market," said Clifford Booth, president of Westmount Realty Capital. "The shopping center has attracted a number of popular tenants such as Oshmans, Barnes and Noble, Ross Dress for Less and Ashley Furniture." Westmount Realty Capital's principals include Mr. Booth and Stephen H. Kanoff.

Westmount Realty Capital is a fully integrated real estate firm specializing in the development of and investment in office, industrial, residential and retail properties throughout the southwestern and southeastern U.S. The company's focus is on value added property opportunities, investing early on in cases such as downtown properties and maximizing value through positioning and development. Westmount is the developer of SoCo Urban Loft Condominiums, Dallas' first downtown residential loft development. The 203-unit project is a conversion of the old Santa Fe Railroad Terminal, circa 1924. In addition, the company is developing The Shops at Stevens Park in the Oak Cliff section of Dallas.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with more than $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.

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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.