Boston, MA, September 26, 2005

Intercontinental Real Estate Corporation Announces the Implementation of Yardi Voyager

Intercontinental Real Estate Corporation, a national real estate investment, development and management firm headquartered in Boston, MA, announced the purchase of a new accounting software program, Yardi Voyager.

Yardi will streamline Intercontinental’s operations by providing a browser-based property and asset management system with fully integrated management and accounting functions. Yardi is designed to create customized workflow and advanced reporting capabilities. The centralized database offers the ability to produce up-to-the-minute reports with data that is automatically updated when relative information is adjusted, thereby increasing the efficiency and accuracy of record keeping.

Intercontinental’s Accounting Department will begin inputting data into Yardi Voyager during January, 2006. David Carella, Director, Finance, anticipates the duration of total data transfer time to be approximately six months. Meanwhile, Intercontinental will use both its current accounting software and Yardi to create a seamless and accurate system changeover.

“Implementing Yardi’s advanced technological tool demonstrates our initiative to improve processes, maximize efficiency and streamline workflow,” said Paul Nasser, CFO and COO of Intercontinental.

Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company that specializes in real estate investment, development, construction management, and asset management. The company has developed over $3 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental manages a portfolio in excess of $1 billion for its clients and is actively seeking opportunities to invest in core enhanced properties and value oriented development projects.

Contact: Erin Brooks, Marketing Associate
Intercontinental Real Estate Corporation
Tel: 617-782-2600
Fax: 617-782-9442