Successful rights offering raises $140 Million

On May 10, 2004 under Corporate Announcements

Vancouver, BC, Canada – BC-based pension funds expressed confidence in Concert Properties by purchasing 100 per cent of the new shares offered by the company.

The shares represent a capital investment of $140 million in the company, bringing Concert's total capitalization to over $400 million with assets in excess of $800 million.

"We are proud that our shareholders have once again confirmed their confidence in our company," said Concert Properties' President and Chief Executive Officer David Podmore. "Their investment will support the continued growth and development of our firm on behalf of the more than 200,000 British Columbians represented by our shareholders."

Shareholders that subscribed to the new rights offering, which closed April 30 are: Telecommunications Workers Pension Plan; United Food & Commercial Workers Union Pension Plan; The Pulp & Paper Industry Pension Plan; IWA - Forest Industry Pension Plan; Teamsters (Local 213) Pension Plan; Teamsters Canada Pension Plan; The Plumbers Union Local 170 Pension Plan; Carpentry Workers' Pension Plan of BC; Local 213 Electrical Workers Pension Plan; Operating Engineers' Pension Plan; Piledrivers, Divers, Bridge, Dock & Wharf Builders Pension Plan; and Marine & Shipbuilders Local 506 Pension Plan.

Established in 1989, Concert Properties is a Vancouver-based diversified real estate development company involved in rental housing, multi-family condominium housing, resort developments, and commercial and industrial projects. Concert also provides project management services to institutional investors, government and non-profit societies.

Now entering its 15th year of business, Concert holds an income property portfolio of more than four million square feet including almost 2,000 residential rental suites.

Recently honoured with the 2003 Grand SAM Award - the highest award presented on a national basis by the Canadian Home Builders' Association - Concert also has more than 1,650 units of for-sale condominium and assured rental housing under development in British Columbia and Ontario.

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