PRAEDIUM GROUP AND AFFIRMATIVE EQUITIES SELL ORLANDO APARTMENT COMPLEX FOR $34 MILLION

January 16, 2007 - New York - The Praedium Group LLC, a New York City-based national real estate investment firm, today announced the disposition of the Fountains at Lake Orlando apartment community, a joint venture purchased with Affirmative Equities Company, L.P., a New York City-based owner and operator of multi-family properties. The Fountains at Lake Orlando, a 552 unit multi-family property, was sold for $34.35 million or $62,233 per unit.

Completed in 1986, the multi-family garden style property is located in the Rosemont section of northwest Orlando.

Praedium and Affirmative Equities originally acquired the property in December 2004. Since that time, the partnership executed a $3.2 million renovation at the property. The improvements included exterior enhancements, including a new metal railing system and new siding. There were also extensive interior modifications, such as W/D hookups added to select units, new stainless steel appliance installations and bathroom fixture upgrades.

Our renovation program enabled us to significantly improve the property and enhance its income,î said Mark Lippmann, director and head of the southern region 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, 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.