Forum Asset Management Merges With Make Space to Invest in Canadian Self-Storage

Real estate developer and investor Forum Asset Management has acquired a 50% interest in Make Space Capital Partners, the investment-management arm of Canada-based self-storage operator Make Space Inc. The new entity, Forum Make Space, has also launched Forum Make Space Storage Fund, a $200 million, open-ended private real estate investment trust that’ll own and operate the company’s 28 self-storage facilities in five provinces, according to the source.

“We see a long-term growth opportunity for consolidation of self-storage, so the idea was, 'Let’s move these assets from closed-ended vehicles into an open-ended vehicle so we can continue to grow the platform,’” said Forum Asset Managing Partner Aly Damji.

Make Space has thus far focused on secondary and tertiary self-storage markets in several Canadian provinces, but Damji sees potential for growth in Montreal, Toronto and Vancouver. In addition, many of the operator’s facilities have land for expansion.

“Having the eye of an operator, we’re always looking at every square foot of every property that we can intensify and add and create more income,” said Damji, who noted Forum Make Space will seek institutional co-investors to expand the brand.

Based in Toronto, Forum Asset is an alternative-asset manager, investor and developer with a focus on real estate, private equity and infrastructure across North America. It holds $1.7 billion in real estate.

Make Space operates facilities in Alberta, British Columbia, Manitoba, Ontario and Saskatchewan. In addition to traditional self-storage, it offers container and vehicle storage as well as moving services.

Source: Real Estate News Exchange, Forum Creates $200M Fund; Acquires Make Space Storage