Liquid Realty Completes EUR 62 Million ''Stapled Secondary'' Investment in Two Pan-European Real Estate Funds

Liquid Realty Partners, the global leader in real estate secondary
investing, has committed EUR 62 million (US$82 million) to two
pan-European real estate value-added funds in a stapled secondary
transaction, the firm announced today. A "stapled secondary"
transaction involves the acquisition of an interest in an established
fund on a secondary basis, while making a concurrent primary
commitment to a new fund being formed by the same manager.

The funds, which are both sponsored by the European affiliate of a
leading global real estate fund manager, have invested in highly
diversified portfolios including lodging, multi-family residential,
retail and office properties located throughout France, Germany,
Italy, Switzerland, the UK, Finland and elsewhere in Europe. Liquid
Realty believes this transaction to be the second largest European
real estate private equity secondary transaction in the past year
after Liquid Realty's GBP 435 million (US$775 million) secondary JPUT
transaction completed in the UK in 2006.

This investment brings to twelve the number of European real
estate fund interests Liquid Realty has acquired in the past year,
comprising total investments of more than US$850 million, and
underscoring Liquid Realty's global leadership in enabling
institutional investors to actively manage their indirect real estate
private equity holdings worldwide.

"This acquisition is indicative of Liquid Realty's continued
innovation and leadership in Europe and other global markets," said
Jeff Giller, Managing Principal and Chief Investment Officer. "In the
case of this stapled secondary investment, we were attracted by the
combined portfolio's diversification and value creation potential, as
well as the quality of the management team. The fund manager initiated
this transaction with us because it saw Liquid Realty as a discreet,
value-added limited partner whose standby liquidity would be seen as
an attractive feature to LPs in both its old and new funds," added Mr.
Giller.

About Liquid Realty

Liquid Realty Partners (www.LiquidRealty.com), the real estate
secondaries firm, specializes in acquiring interests in private real
estate funds, partnerships and trusts on a secondary basis worldwide.
Founded in 2002, with over $1 billion of equity investments, Liquid
Realty is the largest and the only dedicated buyer of real estate
private equity interests on a secondary basis. Liquid Realty's
Managing Principals, Scott Landress and Jeff Giller, are 20-year real
estate investment and finance veterans supported by an experienced,
professional team. The firm works directly with institutional sellers,
through intermediaries, and alongside private equity secondary
investors. Liquid Realty's investments range from small, single-fund
interests, to large, multi-fund portfolios; span all global geographic
markets; include unfunded and primary commitments; and encompass core,
core-plus, value-added and opportunistic styles.