StorageVault Canada Inc. has entered an agreement to acquire the Totom Storage Park self-storage facility in Kelowna, British Columbia, Canada, for $3 million. If all conditions of the purchase agreement are satisfied, the acquisition is scheduled to close on Nov. 30. The purchase price includes a $50,000 initial refundable deposit, a second $50,000 deposit (refundable in certain circumstances) to be paid upon removal of due-diligence conditions, and a final cash payment of $2,900,000 at closing.
Totom Storage Park is a 261-unit facility with approximately 24,816 square feet of rentable self-storage space as well as 56 outdoor spaces for vehicle storage. The total size of the site is approximately 1.6 acres. StorageVault intends to develop and operate a PUPS portable-storage business in conjunction with facility.
StorageVault owns and operates standalone self-storage facilities as well as Canadian PUPS portable-storage operations. Its businesses include B&B Self Storage in Cambridge, Canadian PUPS in Saskatoon, Kenaston Self Storage in Winnipeg, Parksville Mini Storage in the Regional District of Nanaimo and Trans Can Mini-Stor in Regina
StorageVault also manages five self-storage facilities in southern Ontario and intends to
grow through the acquisition of self-storage properties and the development of portable-storage facilities. Its common shares are listed on the TSX Venture Exchange.