On May 20, 2004 under Corporate Announcements

Vancouver, BC, Canada – Ensuring the best possible outcome for the City of Vancouver and the Downtown Eastside community is the reason behind the decision by Concert Properties and The Holborn Group to submit a joint proposal for the redevelopment of the former Woodward's department store.

With an estimated value of $100 million, the Woodward's redevelopment at 101 West Hastings is considered crucial to the revitalization of the Downtown Eastside.

"This is a very important and complex project," said David Podmore, President and Chief Executive Officer of Concert Properties. "We believe that the synergies of a joint proposal will result in the highest level of creativity and certainty that the redevelopment will move ahead in a timely manner, while addressing all of the concerns and expectations of the neighbourhood."

Podmore noted that combining design, technical and financial resources of the two real estate development companies, both short listed for the project, also provides the greatest level of assurance that the project will be a symbol of pride in the Downtown Eastside.

"This community has waited so long for an attractive and feasible solution for the Woodward's site," he said. "By combining forces, and working with the community, we are confident we will create a project that reflects the best aspects of living in the Downtown Eastside - the strong sense of community and of caring for one another."

Simon Lim, President and Managing Director of The Holborn Group, said that a key advantage in the joint proposal will be the ability to consider plans for the balance of the 100 block of West Hastings, which the company owns.

"This collaboration between Concert and Holborn substantially strengthens the potential for the Woodward's project," said Lim. "We are looking forward to working together to satisfy the need for a project that is socially, environmentally and economically sustainable: the key criteria established by the City."

About Concert

Concert Properties is an award-winning diversified real estate enterprise involved in developing and acquiring commercial and industrial properties, rental housing, multi-family condominium housing, seniors living communities, and resort developments in British Columbia, Alberta and

About The Holborn Group

The Holborn Group operates internationally in Asia, South Africa, Australia and Canada. Its fields of interest range from equity markets to hotels, and it owns significant real estate in Vancouver and Whistler valued in excess of $250 million. The Holborn Group intends to develop an even stronger presence in Canada by further investing its capital, labour and experience.

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