TORONTO, June 28 /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 955 Autoroute Chomedey
in Laval, Quebec at the South East corner of Highway 13 and Notre Dame Blvd.
The facility consists of 1 four-storey climate-controlled building with
approximately 84,000 net rentable square feet and 947 self-storage units. The
total cost to develop this facility (excluding the option to purchase the
land) was approximately $8 million and is expected to generate a return in
excess of 9% after the initial "fill-up" stage. In November 2006, the
Partnership entered into a land lease agreement with an option to purchase the
land after 10 years. The option price of the land is $1,550,000.
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 third facility acquired and/or developed by the Partnership
in the Greater Montreal Area in the last 2 years.
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. 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