Prudential Real Estate Investors Acquires Stake in Georgetown Renaissance Portfolio

Business Wire, Dec 9, 2004

ATLANTA -- Prudential Real Estate Investors announced today that TMW Property Funds (USA), its Atlanta-based property funds management business, has acquired a 48 percent stake in EastBanc, Inc.'s Georgetown Renaissance portfolio. PREI is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).

EastBanc has spent the past decade revitalizing the Georgetown retail landscape through strategic acquisitions and innovative development. Its Georgetown Renaissance portfolio consists of 17 projects in the Georgetown area of Washington, D.C., and a building in the Old Town section of Alexandria, Va. The portfolio totals about 306,000 square feet of mixed-use space, including retail, office, storage and residential space. For additional information about EastBanc, visit www.eastbanc.com.

"This project, in a unique and dynamic urban neighborhood in Washington, D.C., gives our clients the potential to benefit from investing in one of the oldest historic commercial shopping districts in the United States," said Barry Howell, principal of transactions for TMW Property Funds (USA). Terms of the transaction were not disclosed.

PREI provides global real estate investment management services in the United States, Europe, Asia and Latin America. PREI managed total assets of $22.9 billion on behalf of more than 350 clients as of September 30, 2004; net assets under management (i.e., after deduction of associated debt and liabilities) were $15.4 billion. For more information, visit www.prei.com.

Prudential Financial companies, with approximately $470 billion in total assets under management as of September 30, 2004, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the United States. These companies offer a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com.