Metro Vancouver Properties Corp. Announces Acquisition of Interests in Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 3, 2011) - Metro Vancouver Properties Corp. ("MetroVan") announces that it has completed the acquisition of interests in 22 income producing industrial and commercial properties located primarily in the Greater Vancouver area of British Columbia, with two properties located in Whistler, British Columbia (the "Properties") as a result of the purchase of 99.999% of the partnership interests of MPW Properties Partnership from Madison Pacific Properties Inc. and certain of its subsidiaries ("Madison"). The acquisition is effective October 1, 2011. The Properties have a purchase price of $93,212,493 and, within 45 days, the purchase price may be adjusted to reflect the final purchase price which will take into account any changes to property values that may have occurred for the period from June 30, 2011 to September 30, 2011. In consideration therefor, MetroVan has issued to Madison 1,064,565,342 Class C non-voting shares at a deemed price of $0.08756 per Class-C non-voting share (the "Consideration Shares"). The Consideration Shares may be adjusted upon determination of the final purchase price.

As a result of the acquisition of the Properties, Madison now owns 1,110,103,536 Class C non-voting shares, representing approximately 99.74% of the outstanding equity shares of MetroVan.