Public Storage Canadian Properties Announces Opening of New Facility



    TORONTO, June 26 /CNW/ - David Singelyn, President of Canadian
Mini-Warehouse Properties Company, the general partner of Public Storage
Canadian Properties (the "Partnership") (TSX:PUB) today announced the opening
of a newly constructed self-storage facility located at 28 Estate Drive in
Scarborough, Ontario near Highway 401 and Markham Road. The facility consists
of 2 single-storey buildings and 1 four-storey climate-controlled building
with approximately 86,000 net rentable square feet and 962 self-storage units.
The total cost to develop this facility (including land) was approximately $11
million and is expected to generate a return in excess of 9% after the initial
"fill-up" stage.

    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.

    This is the first significant development project by the Partnership in
the Toronto market since its inception.

    Partnership Information

    Public Storage Canadian Properties is a publicly held limited partnership
formed under the Limited Partnership Act (Ontario). The Partnership owns 23
operating self-storage facilities across Canada. 15 facilities are located in
Ontario, 5 are located in British Columbia, 2 are located in Quebec and 1 is
located in Alberta. In addition, the Partnership leases a parcel of land (with
an option to purchase) in Laval, Quebec for development into a self-storage
facility. 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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