BPO Properties Ltd. Announces Continuance of Share Buyback Plan.

Business Editors

BPO PROPERTIES LTD. (TSX: BPP) announced today that the Toronto Stock Exchange (TSX) has accepted a notice (the "Notice") filed by BPO Properties of its intention to renew a normal course issuer bid. BPO Properties believes that, from time to time, the market price of its common shares may not fully reflect the value of its business and its future business prospects. As a result, depending on future price movements and other factors, the company believes that its shares may represent an attractive investment and an appropriate and desirable use of available funds.

The Notice provides that BPO Properties may, during the 12 month period commencing July 11, 2002 and ending July 10, 2003, purchase on the TSX up to 367,672 common shares, equivalent to approximately 10% of the public float of the common shares. At July 8, 2002 there were 6,874,070 common shares issued and outstanding and 3,676,722 common shares in the public float. In addition, the company has 21,652,001 non-voting equity shares outstanding. The price to be paid for the common shares will be the market price at the time of purchase. The actual number of shares to be purchased and the timing of these purchases will be determined by BPO Properties. All shares purchased by BPO Properties under the normal course issuer bid will be cancelled.

BPO Properties did not acquire any common shares of the Corporation during the past 12 months.

BPO Properties Ltd. is a Canadian real estate company focussed on the ownership and value enhancement of premier office properties. The current property portfolio is comprised of interests in 20 commercial properties and development sites totalling 13 million square feet. The Company's objective is to realize superior financial returns for its shareholders by enhancing the value of its real estate assets and by making opportunistic investments in new assets. BPO Properties' common shares trade on the TSX under the symbol BPP. Further information about the Company can be found on our website at www.bpoproperties.com.

Investor Relations and media inquiries should be directed to the Investor Relations Department at [phone]. Inquiries regarding financial results should be directed to Steven Douglas, Senior Vice President and Chief Financial Officer at [phone].