PUBLIC STORAGE CANADIAN PROPERTIES
TSX : PUB

PUBLIC STORAGE CANADIAN PROPERTIES

December 24, 2009 13:07 ET

Public Storage Canadian Properties Announces Opening of New Self-Storage Facility in Oakville, Ontario

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2009) - 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 1333 North Service Road West in Oakville, Ontario located just east of Third Line and has excellent exposure to the Queen Elizabeth Way Highway, a highly traveled commuter route to and from Toronto. The facility consists of a three-storey climate-controlled building and three single storey prefabricated buildings totaling approximately 86,000 net rentable square feet and 770 self-storage units. The total cost to develop this facility (including the land purchase price) was approximately $15.7 million.

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.

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, 28 operating self-storage facilities across Canada, of which sixteen facilities are located in Ontario, five are located in British Columbia, six are located in Québec and one is located in Alberta. In addition, the Partnership owns parcels of land in Orleans, Ontario, and Richmond Hill, Ontario for development into new self-storage facilities. More information about the Partnership is available on the Internet. The Partnership's main website is at www.publicstoragecanada.com. The Partnership's investor website is www.pscinvestor.com.

Contact Information

  • Public Storage Canadian Properties
    Vincent Chan
    (866) PS-CANADA
    (866) 772-2623