PRAEDIUM GROUP AND SCANLAN KEMPER BARD COMPANIES ACQUIRE EASTMONT TOWN CENTER FOR $78 MILLION

March 19, 2007 - New York - The Praedium Group LLC and ScanlanKemperBard Companies LLC announced today the acquisition of the Eastmont Town Center in Oakland, CA for $77.6 million. The property was acquired from Eastmont Properties Company.

The Eastmont Town Center is a 605,959-square-foot mixed-use facility. The property consists of a two-story, former indoor shopping mall that was converted to space for office, retail and governmental tenants. In addition, there is a single-story, grocery-anchored neighborhood shopping center and several surrounding pad sites. More than 300,000-square-feet is leased to government tenants that include the Oakland Police Department, the City of Oakland, County of Alameda and the U.S. General Services Administration. In addition, many non-profit and other tenants lease space in the facility in order to have close proximity to the government agencies they engage with on a regular basis. Eastmont Town Center is situated in a diverse neighborhood close to both public bus transportation and Interstates 580 and 880. The property was 89 percent leased at the time of purchase.

ěThe diverse blend of current tenants, from government agencies to retail outlets, made the acquisition of the Eastmont Town Center a truly unique and attractive transaction in the densely populated Oakland leasing market. The available space offers a tremendous opportunity, and we are well positioned to benefit from a broad market of perspective tenants,î said Chris Hughes, principal at Praedium.

The broker on the deal was Edward J. Suharski of Grubb & Ellis Company.ěPraedium has been a great partner in every respect as evidenced by our having joined forces since 1999 to acquire some $375,000,000 in eight acquisitions.î commented Bob Scanlan, Principal at ScanlanKemperBard Companies LLC.

Formed in 1993, SKB is a full-service real estate merchant banking firm based in Portland, Oregon. Investment product types include office, retail, industrial and ground up development projects located in the Western United States.

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.