StorageVault Signs Agreement to Acquire Calgary, Alberta, Self-Storage Facility
|Copyright 2014 by Virgo Publishing.|
|Posted on: 11/03/2011|
StorageVault Canada has entered into an acquisition agreement of purchase and sale for a self-storage facility in Calgary, Alberta. The aggregate purchase price is about $2.96 million*.
The acquisition agreement is subject to a number of conditions, including but not limited to:
If all conditions under the acquisition agreement are satisfied, the acquisition is scheduled to close on Jan. 31, 2012.
The payment terms for the acquisition are an initial refundable deposit (about $49,400), a second deposit of the same amount (refundable in certain circumstances) to be paid upon removal of due diligence conditions and a final cash payment of $2.96 million at closing.
The Calgary facility has more than 400 rental units with approximately 35,000 square feet of rentable self-storage space, as well as outdoor spaces for vehicle storage. The total size of the site is approximately 1.50 acres. StorageVault intends to develop and operate a PUPS portable storage business in Calgary in conjunction with the self-storage facility.
In other news, StorageVault has terminated the acquisition agreement for a facility located in Kelowna, British Columbia, because of the inability to satisfy due diligence conditions.
StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Saskatchewan; Kenaston Self Storage in Winnipeg, Manitoba; B&B Self Storage in Cambridge, Ontario; Parksville Mini Storage in the regional district of Nanaimo, British Columbia; and Canadian PUPS in Saskatoon, Saskatchewan. StorageVault also manages five self-storage facilities in southern Ontario and intends to continue to grow its business through the acquisition of additional self-storage properties and the development of Canadian PUPS portable storage facilities.
*Currencies converted to U.S. dollars