ADVISORY/Roberto Ordorica to Host Panel at ULI's Global Conference on Latin American Real Estate; Session Focuses on the ``Anatomy of a Deal''.

Business Editors/Real Estate Writers

ADVISORY...for Wednesday (May 26)

--(BUSINESS WIRE)

WHAT:    Roberto Ordorica, head of PREI's Latin American operations,
         will lead a panel discussion at the Urban Land Institute's
         Latin American real estate conference outlining PREI's
         recently formed joint venture with Casas Geo to develop
         residential properties in Mexico.

WHEN:    ULI's conference:
         Latin America: Property Development, Investment and Finance
  &      10:45 a.m. to 12 noon
WHERE:   Wednesday, May 26, 2004
         Eden Roc Resort & Spa,
         Miami Beach, Florida

WHY:     PREI believes that Mexico holds rich promise for residential
         development. Mexico is currently experiencing a period of
         rapid urbanization.  The demand for housing could increase by
         an average of 670,000 units per year between 2003 and 2006,
         according to Mexican government estimates. That trend could
         continue well into the future.

DETAILS: Anatomy of a Deal: Lessons Learned from a Major Real Estate
          Transaction

         Get the inside story of an actual U.S./Latin America real
         estate deal. How was it identified? How was it
         conceptualized? What were the objectives of each party and
         were these satisfied? Just how was the deal negotiated? How
         did this affect the deal structure? Hear a firsthand account
         of the "architecture of the deal" from the principals and
         their real estate, finance, and market appraisal advisers and
         attorneys.

WHO:     Panelists include Francisco Andragnes (PREI), Michael Fishman
         (Mayer, Brown), and Luiz Abdeljalek (GEO).