StorageVault Canada Agrees to Buy 2 Self Storage Facilities for $19 Million

StorageVault Canada Agrees to Buy 2 Self Storage Facilities for $19 Million
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Canadian self-storage operator StorageVault Canada Inc. has agreed to buy a self storage facility in Calgary, Alberta, and another in Ottawa, Ontario, in separate transactions for more than $19 million. The company also announced it is negotiating to purchase $45 million in assets from Access Self Storage Inc., one of its major shareholders, according to a press release. The Calgary and Ottawa deals are expected to close by Nov. 1.

The unidentified Calgary property will be purchased for $14.95 million, while the Ottawa asset will be acquired for $4.1 million. Both deals are subject to conditions, including environmental site-assessment reports and approval from the board of directors, the release stated. The transactions will be paid for with cash and mortgage financing. StorageVault will assume an undisclosed amount of debt in the Calgary deal and take on the current mortgage in the Ottawa transaction.

StorageVault is also pursuing Access Storage properties in Montreal and Southern Ontario. Twenty percent of the purchase is expected to be paid for by issuing common shares of StorageVault stock. No agreements of letters of intent have been signed, the release stated.

StorageVault last year acquired Cubeit Portable Storage Canada Inc. and seven storage facilities from Access in a $51 million deal.

Access Storage operates about 75 self storage facilities comprising more than 4 million square feet and more than 1,000 portable-storage containers. It owns facilities in Alberta, Manitoba, Nova Scotia, Ontario and Quebec, with its Quebec locations branded as Depotium Mini-Entrepot, according to the company website.

StorageVault operates several self storage facilities and more than 3,200 portable-storage units in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan.

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