Mitchell Island industrial land sold

On Jul 30, 2003 under Corporate Announcements

Vancouver, BC, Canada – Concert is pleased to announce that it has completed one of the largest land transactions in the Greater Vancouver area in recent years with the sale of approximately 27 hectares (66.93 acres) of raw industrial land to English Bay Batter (Vancouver) Inc.

The land represents about two-thirds of Richmond's Mitchell West Industrial Park, owned jointly since 1997 by Concert Properties and Western Steel Limited, a subsidiary of IPSCO Inc. in Regina, Saskatchewan. The balance of the Mitchell West site has been subdivided by Concert into industrial lots up to 1.4 hectares (3.52 acres) in size, of which 12.7 acres to date have been sold to users and investors.

"We are selling this site as part of our strategy of reducing our portfolio of undeveloped industrial land," said Andrew Tong, Concert's Development Manager.

"We are pleased to have a single buyer for such a substantial portion of the land." CEO Jack Seguin said the company is considering a variety of options for the site.

"Acquiring this site allows English Bay the freedom to consider a range of possibilities from developing the land for future sale to consolidating some of our manufacturing facilities," said Seguin. "We see this as a very solid investment for the future."

The transaction was brokered by Bob Stokes, John Weiss and Lee Hester of Royal LePage Commercial Inc. on behalf of Concert and Gurch Ollek of CB Richard Ellis on behalf of English Bay.

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