CONCERT ACQUIRES INDUSTRIAL AND OFFICE PORTFOLIO IN ONTARIO

On Jun 29, 2004 under Commercial Properties

Vancouver, BC, Canada – Concert is pleased to announce its expansion into the Ontario industrial and commercial property market with the acquisition of a $32.5 million industrial and office portfolio in the Greater Toronto area. The portfolio consists of four properties, with a total leasable area of more than 438,000 square feet, located in Vaughan, Brantford, Mississauga and Markham.

"The properties, purchased from Penreal Capital Management, are a strategic acquisition for Concert, providing a base from which to carefully expand our portfolio in the Toronto area," said Alan Whitchelo, Senior Vice President for Concert's Industrial and Commercial Properties.

The majority of Concert's industrial commercial portfolio of more than three million square feet is located in Western Canada. This acquisition is the first step in geographically diversifying the portfolio.

"The Toronto market is the second largest industrial property market in North America," said Whitchelo. "We believe it is important that Concert have a position in that market."

Concert began expanding into Ontario in 2002 when it formed an exclusive alliance with the Ontario Municipal Employees Retirement Service (OMERS) to invest in excess of $300 million to develop more than 2,000 units of assured rental residential housing in that province. The alliance's first project, the 26-storey, 306-unit Prelude, opened in North York in 2003. Concert and OMERS are currently developing rental residential projects in downtown Toronto.

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