Madison Pacific Properties Inc. Acquires Shares of Metro Vancouver Properties Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 3, 2011) - Madison Pacific Properties Inc. ("Madison") wishes to announce that it has acquired 1,064,565,342 class C non-voting shares (the "Shares") of Metro Vancouver Properties Corp. ("MetroVan") pursuant to the sale of Madison's interest in MPW Properties Partnership (the "Partnership") for consideration valued at $0.08756 per Share. The number of securities issued may be adjusted to reflect any change in value of the underlying properties held by the Partnership for the period from June 30, 2011 to September 30, 2011. Madison owns 100% of the Shares and 99.74% of the equity of MetroVan.

The Shares were acquired for investment purposes.