PRAEDIUM GROUP, SAVANNA PARTNERS SELL BRISTOL, CONN. BUSINESS CENTER FOR $28.30 MILLION

December 4, 2006 - New York - The Praedium Group LLC, a New York City-based national real estate investment firm, and Savanna Partners, also of New York, announced today the sale of Bristol Business Center in Bristol, Conn., to Hudson Realty Capital LLC for $28.30 million.

Praedium and Savanna Partners have owned the Bristol Business Center since June 2003.

The single-story, 1.15 million square foot industrial building is situated on 179 acres in Bristol, Conn. Features of the building include 58 docks, including eight drive-in docks. The property also benefits from direct freight line access from the rail spur that terminates at the rear of the property.

The investment provided strong current return from the solid tenants with long-term leases in place,said Chris Hughes, principal at Praedium.

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.