StorageVault is pleased to announce that, further to its June 26, 2017 and July 24, 2017 news releases, it has completed the acquisition of all of the storage assets, property and business used in one Toronto area store, two stores in Quebec and three stores in Nova Scotia (the “Acquisition”) from Access Self Storage Inc. (“Access”), Depotium Self Stockage Inc. and A-Z Storage Limited, subsidiaries of Access, for an aggregate purchase price of $34.2 million. The Acquisition is a non arm’s-length transaction.
The purchase price for the Acquisition in the amount of $34.2 million, subject to customary adjustments, was paid by the issuance of 714,286 common shares of StorageVault (“Payment Shares”) at a deemed aggregate price of $2,000,000 or $2.80 per common share, with the remainder being paid with funds on hand and first mortgage financing. The Payment Shares are subject to a hold period that expires on December 12, 2017. The acquisition of the self storage stores in Toronto and Quebec continues StorageVault’s strategic expansion into the Ontario and Quebec markets. The assets located in Nova Scotia will provide StorageVault with a total of four stores in the Maritimes.