Press Release

COFINANCE AND RIVEROAK COMBINE FORCES IN JOINT VENTURE TO ACQUIRE ASSETS THROUGHOUT THE NORTHEAST

Past Success, Deep Pockets Spur New Business Venture
Cofinance-RiverOak Realty Partners To Capitalize on
CRE Investment Opportunities

HACKENSACK, NEW JERSEY - JANUARY 27, 2009  Two experienced real estate investors with track records for success, both independently and together, Cofinance Inc. of Hackensack, NJ, a subsidiary of Cofinance Group of Luxembourg, and RiverOak Investment Corp., LLC of Stamford, CT have formed a joint venture relationship to acquire opportunistic real estate acquisitions in the Northeast corridor from Boston to Washington.

The new entity, Cofinance-RiverOak Realty Partners, is well-funded, ready to make deals and currently exploring potential acquisitions of multifamily, office, retail, industrial and hotel projects. Special emphasis will be placed on distressed situations requiring intense property and asset management. The venture has readily available capital to target acquisitions that range from single asset deals between $15 million and $50 million, to portfolio purchases in excess of $100 million. The joint venture will seek low leverage debt (50% - 60%) at the property level.

The principals of the new joint venture, Cofinance President James J. Maurer and RiverOak Managing Director Stephen DeNardo, have worked together for more than a decade. Most recently they collaborated on the acquisition of office properties in Fairfield and West Carteret, NJ in 2007 and 2008, respectively. Independently, through its first three funds, RiverOak invested in $289 million in property over the last 10 years. Cofinance holds $268.5 million in assets, $170.5 million in the U.S. and $98 million in Europe.

“This collaboration is a natural progression of the close and successful investment relationship we have developed over the past several years,” said Mr. DeNardo. “With our recent acquisitions in New Jersey together, we have the momentum, the track record for smart pricing and aggressive asset management, and the capital to get deals done and produce strong returns on our investments.”

Cofinance-RiverOak Realty Partners combines the collective talents and experiences of the two organizations including underwriting, acquisition sourcing, due diligence, financing, property management, asset management, leasing, portfolio management, disposition, syndication and investor management across all of the targeted asset types.

“The current market presents an ideal opportunity for experienced investors and operators to acquire underperforming and distressed assets,” said Mr. Maurer. “We are well-funded and actively looking for deals throughout the Northeast, both direct acquisitions and with equity partners investing alongside Cofinance-RiverOak Realty Partners. Our skills blend perfectly to be able to address every type of challenge to identify and take advantage of opportunities.”

Headquartered in Stamford, CT, RiverOak Investment Corp., LLC is a real estate investment fund sponsor that occupies a vital and unique niche in the universe of equity players. RiverOak insures a competitive advantage for high net worth investors by bringing institutional experience to a traditionally entrepreneurial model and employing strategic targeting methodology. More information on RiverOak can be found at www.riveroakic.com.

Cofinance Inc., a Cofinance Group company, is an investor in and a developer of residential, office, industrial and retail projects throughout the United States. Formed in June of 1983, Cofinance’s business strategy has evolved into a broadly based entrepreneurial real estate investment approach focused on identifying and acquiring well located properties that are affected by non-real estate factors and complex situations, define a focused plan to resolve such factors and situations, execute the plan and then sell the property. Cofinance has completed acquisitions during the past 36 months in New York City, Northern New Jersey and Sarasota County Florida totalling $140 million. Since their founding, Cofinance Group companies have been involved in projects with an aggregate value of over $2 billion. More information on Cofinance Inc. can be found at www.cofinancegroup.com.

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