PRAEDIUM GROUP EXPANDS TEAM

November 2, 2006 - New York - The Praedium Group LLC, a New York City-based national real estate investment firm, announced today that it has expanded its team with two new hires, Michelle Wells as vice president, and Marc Franco as associate.

Wells will assist in directing the company's product and client development efforts. Franco is responsible for dispositions and management of portfolio assets.

Most recently, Wells served as vice president at AIG Global Real Estate, where she managed the client service and marketing group. She received a bachelor's degree in English literature from the University of California, San Diego and a master's degree in education from the University of California, Santa Barbara.

Previously, Franco served as director of financial services for GVA Williams of New Jersey, and as an asset manager for Reckson Associates' New Jersey Portfolio. He received a bachelor's degree in management from The State University of New York at Buffalo and a master's of business administration in finance from Hofstra University.

The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with over $6 billion in total investments to date in more than 250 transactions comprised of 40 million square feet of commercial space and 50,000 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 investor 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.