Concert Acquires 1130 West Pender

November 21, 2002

Office building purchase expands growing industrial/commercial portfolio.

Vancouver, BC, Canada – Concert announced today the acquisition of 1130 West Pender located in downtown Vancouver from Bentall Capital, bringing Concert's total income-producing portfolio to more than 2.35 million square feet of industrial and commercial properties in British Columbia and Alberta.

"This acquisition, coupled with our earlier purchase of 1190 Hornby Street, gives Concert a much stronger presence in the downtown Vancouver core," said Concert's Senior Vice President Allan Gjernes. "Although we may be better known for our residential developments, Concert has become a major owner and manager of industrial and commercial properties."

Built in 1980, the 15-storey building at 1130 West Pender between Thurlow and Bute is leased to 38 office and two retail tenants occupying almost 129,000 square feet of rentable space.

"It's unusual for an office building of this caliber to come on the market," said Andrew Tong, Development Manager, Concert Properties. "Given the high degree of interest in 1130 West Pender, we are very pleased that our bid was successful."

About Concert
Properties Concert 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 Ontario.

For media inquiries contact:
Heather Harley
Telephone: 604.602.3713

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