Boston, MA, September 5, 2007

Intercontinental Real Estate Corporation Appoints Douglas W. Hughes to Assistant Controller

Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development and management firm headquartered in Boston, MA, announced the appointment of Douglas W. Hughes to Assistant Controller for Intercontinental Real Estate Investment Fund III, LLC (IREIF III).

Mr. Hughes is responsible for assisting the IREIF III Fund Controller in preparing quarterly and year-end Fund financial statements and supporting work papers in addition to assisting in the supervision of the accounting department.  More specifically, Mr. Hughes is responsible for maintaining and reconciling general ledgers; conducting routine internal audits; acting as a liaison between third party independent auditors; and calculating priority return distributions. 

Prior to joining Intercontinental, Mr. Hughes worked as an Accounting Manager at Centro Properties Group.  In this role, he was responsible for the accounting functions of a portfolio consisting of 41 retail properties consisting of approximately 7 million square feet.  In coordinating the monthly financial reporting functions, Mr. Hughes oversaw the annual Tax and CAM reconciliation billing process, and was directly involved in the due diligence process and preparation of closing statements for all acquisition and disposition activity.  Previously, Mr. Hughes worked as a Senior Property Accountant at REIT Management & Research and an Accounting Manager at The Flatley Company.

Mr. Hughes earned a Bachelor of Science in Accountancy from Bentley College.

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 $4 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 $1.7 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.