Public Storage Canadian Properties Announces Acquisition of Property in Laval, Quebec



    TORONTO, September 11 /CNW/ - David Singelyn, President of Canadian
Mini-Warehouse Properties Company, the general partner of Public Storage
Canadian Properties (the "Partnership") (TSX:PUB) today announced that the
Partnership has acquired a property located on Tessier Boulevard in Laval,
Quebec encompassing 1.79 acres of vacant land for a purchase price of
approximately $738,000. The total cost to develop this property (including the
purchase price) into a self-storage facility is expected to be approximately
$9.5 million. This property is located just east of Autoroute 15 at Boulevard
Carrefour.

    The acquisition of this facility was funded from the Partnership's credit
facility.

    The facility will be managed by Canadian Mini-Warehouse Properties
Company, the manager of the Partnership's other properties, pursuant to a
management agreement for a management fee equal to 6% of gross operating
revenue of the property.

    Estimates of costs to develop this property have been prepared without
information on exact unit mix and architectural drawings and the actual costs
may exceed the current estimates. Management's plans and expectations
respecting the acquisition and development of this property are subject to
various assumptions, including assumptions respecting the availability and
cost of construction materials and labour, there being limited costs,
difficulties or delays related to obtaining construction and operating permits
and the ability of the Partnership to sever and sell a portion of the property
and the net proceeds realizable therefrom. Management's plans and expectations
are also subject to various known and unknown risks, uncertainties and other
facts, including the risk that management's assumptions may prove to be
inaccurate, timing, budgeting and other risks, including construction delays
or cost overruns that may increase project costs, and risk factors included in
the Partnership's public filings with Canadian securities regulatory
authorities including the section titled "Risk Factors" in the Partnership's
Annual Information Form dated March 23, 2007.

    Partnership Information

    Public Storage Canadian Properties is a publicly held limited partnership
formed under the Limited Partnership Act (Ontario). The Partnership owns 24
operating self-storage facilities across Canada. 15 facilities are located in
Ontario, 5 are located in British Columbia, 3 are located in Quebec and 1 is
located in Alberta. In addition, the Partnership owns a parcel of land in
Oakville, Ontario and Laval, Quebec for development into self-storage
facilities. More information about the Partnership is available on the
Internet at www.publicstoragecanada.com.




For further information:

For further information: Public Storage Canadian Properties Vincent Chan
(866) PS-CANADA (866) 772-2623

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PUBLIC STORAGE CANADIAN PROPERTIES

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