Surrey Central Business Park Purchased – Concert Acquires Largest Business Park in Fraser Valley

November 17, 2003

A well-managed, well-built business park, Surrey Central has a stable and growing tenant base.

Vancouver, BC, Canada – Concert has acquired Surrey Central Business Park, the largest and one of the most successful business parks in the Fraser Valley. Purchased for $39,850,000, it encompasses approximately 352,000 square feet of rentable space.

The five buildings on-site are a mix of two and three storeys, with uses ranging from office to showroom, retail and warehouse space.

"This is a very good acquisition for Concert Properties," said Peter Martin, Concert's Manager of Industrial and Commercial Properties. "Surrey Central Business Park is a well-managed, well-built business park with a stable and growing tenant base. It is very difficult to replicate an asset of this size and quality in such a central location. We see an opportunity to fill the existing vacancies and add further value."

Built in stages beginning in 1993, Surrey Central Business Park was purchased from a consortium of businessmen headed by Robert Bontkes, a successful developer in the Fraser Valley. Located within Surrey's Newton Town Centre, the Surrey Central Business Park is one of Concert's largest purchases of industrial and commercial properties in recent years and brings Concert's total industrial and commercial properties portfolio to more than 2.8 million square feet.

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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