CONCERT EXPANDS INDUSTRIAL AND OFFICE PORTFOLIO

On Jul 30, 2004 under Commercial Properties

Vancouver, BC, Canada – Concert announced today that it has acquired industrial and office flex properties in Vancouver and Delta, increasing its industrial and commercial portfolio by an additional 137,034 square feet. The total purchase price of the two separate acquisitions was $11.1 million.

In Vancouver, Concert has acquired a 58,710-square-foot industrial warehouse on a 2.24-acre site at 2770 Bentall Street. The building is occupied by Arc'Teryx Equipment Ltd., designer and manufacturer of outdoor equipment and clothing. Located in the Grandview Highway corridor directly south of the Rupert SkyTrain Station, this property is in a strategic location in an emerging area.

In a second transaction, Concert has acquired Glenwood Commerce Centre, located at 6165 Highway 17 in Delta at the entrance to Tilbury Industrial Park and Highway 99.

Situated on a 4.8-acre site, the four industrial and office flex buildings have a total area of 78,324 square feet. There are 24 tenants in Glenwood Commerce Centre, occupying space ranging from 1,000 to 9,590 square feet.

These latest acquisitions bring Concert's total industrial and commercial portfolio to almost 3.2 million square feet of property in BC, Alberta and Ontario, and continue the company's strategy of expanding its income-producing portfolio.

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