Public Storage Canadian Properties Announces Acquisition of Property in Oakville, Ontario

    TORONTO, September 3 /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 at 1333 North Service Road in
Oakville, Ontario encompassing 10.34 acres of land for a purchase price of
approximately $6,800,000. The Partnership intends to remove the existing
prefabricated soft dome buildings and develop 4.25 acres of the land. The
Partnership intends to sever the remaining 6.09 acres and sell it to
interested developers. The total cost to develop this property (including the
purchase price net of expected proceeds from sale of excess land) into a
self-storage facility is expected to be approximately $11,825,000. The vendor
will lease back the land until March 2008 at a rate of $20,000 per month,
during which time the Partnership is free to begin entitlement work and
preliminary site servicing work. This property is located just east of Third
Line and has excellent exposure to the QEW, a highly traveled commuter route
to and from Toronto. In addition, this property is in close proximity to
medium residential development.

    The acquisition of this facility has been 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 and the severance
and sale of a portion thereof 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,

    Partnership Information

    Public Storage Canadian Properties is a publicly held limited partnership
formed under the Limited Partnership Act (Ontario). The Partnership owns, and
derives substantially all of its income from, 24 self-storage facilities, of
which fifteen are located in Ontario, five are located in British Columbia,
three are located in Quebec and one is located in Alberta. More information
about the Partnership is available on the Internet at

For further information:

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

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