Boston, MA, March 18, 2009

Intercontinental Acquires Riverview at Upper Landing in St. Paul, Minnesota

Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of Riverview at Upper Landing located in St. Paul, Minnesota.  The acquisition, made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”), was led by Steven Centrella, Senior Director, Acquisitions at Intercontinental. 

Riverview at Upper Landing is a 344-unit luxury residential community located on the banks of the Mississippi River. Situated near downtown St. Paul, this property built in 2006 affords easy access to major interstate transportation systems as well as the Minneapolis-St. Paul International Airport.  Residents benefit from living in close proximity to: employment centers, the arts, restaurants, shopping and front-door access to miles of walking and biking trails along the scenic river trail system.  This downtown area has a strong employment base that adds to Riverview at Upper Landing’s historically high occupancy rates.

“We are pleased with the recent acquisition of Riverview at Upper Landing. The Property’s unique location adjacent to downtown St Paul coupled with the assets luxury amenities and strong tenant demographics make it an excellent addition to our US REIF portfolio” commented Thomas Taranto, Director of Acquisitions, Asset & Portfolio Management at Intercontinental.

 Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $6 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects.  Presently, Intercontinental owns and manages a portfolio in excess of $2.4 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.