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SURREY, BC-Public Storage Canadian Properties LP has acquired land here for development of its next mini-warehouse property. The Toronto based public company paid $1.71 million for a 2.1-acre parcel in the Cloverdale area.

Public Storage says it will spend another $3.42 million constructing a two-story climate-controlled building with approximately 56,000 sf of lettable space in 640 storage units. Construction is schedule to begin in early 2004 and be operational by the end of the year.

Public Storage Canadian Properties owns 13 mini-warehouse properties in Ontario and three in British Columbia. Public Storage president David Singelyn says the property, located at the corner of 176th Street and 64th Avenue, is the first development property acquired by the partnership since 1987.

The cost of the purchase and the development of the property will be funded from cash reserves, the cash flows of the company and the company’s existing line of credit. The facility will be managed by Canadian Mini-Warehouse Properties Limited, 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.

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