Madison Pacific Properties Inc. (TSX:MPC)(TSX:MCP.C) Announces the Purchase of a Portfolio of 12 Properties Across Canada

Madison Pacific Properties Inc. (the Company) (TSX:MPC)(TSX:MPC.C), a
Vancouver-based real estate company, announces that it has made a $13.4 Million
equity investment for a 61% interest in a portfolio of 12 industrial properties
located in British Columbia, Alberta, Ontario and Quebec. The investment was
made through a newly formed limited partnership with other investors and was
funded from cash and the Company's existing credit facilities. The limited
partnership acquired the portfolio of properties for $61.7 Million and funded
the acquisition through equity funding from its partners and by assuming
existing debt on the properties and obtaining additional mortgage financing. The
portfolio includes approximately 98 acres of land and 538,600 square feet of
building space leased to a single tenant, Taiga Building Products, an industry
leader in building products distribution. This acquisition integrates well with
the Company's current mix of commercial and industrial properties, in addition
to allowing the Company to further diversify geographically.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Madison Pacific Properties Inc.
Mr. Marvin Haasen
President & Chief Executive Officer
[phone]
[phone] (FAX)


Madison Pacific Properties Inc.
Mr. Dino Di Marco
Chief Financial Officer
[phone]