Public Storage Canadian Properties Completes Rights Offering

    TORONTO, ONTARIO, October 15 /CNW/ - David Singelyn, President of
Canadian Mini-Warehouse Properties Company, the general partner of Public
Storage Canadian Properties (the "Partnership") (TSX:PUB) announced that the
Partnership has completed its rights offering (the "Rights Offering") for
units of the Partnership. An aggregate of 1,808,036 units were issued in
connection with the Rights Offering for aggregate net proceeds of
approximately $36 million.

    87.9% of the rights issued to unitholders were exercised, resulting in
the issuance of 1,589,463 units. The remaining 218,573 units were issued to
holders of rights who not only exercised their rights but also elected to
subscribe for additional units available as a result of unexercised rights.
Proceeds from the Rights Offering were used to repay amounts outstanding under
the Partnership's credit facility.

    Partnership Information

    Public Storage Canadian Properties is a publicly held limited partnership
that owns, and derives substantially all of 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.
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

For further information:

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

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