Storagevault Canada Inc. completed the acquisition of the assets and business of Kenaston Self Storage ULC of Winnipeg, Manitoba. The 4.75-acre site comprises 495 traditional units and 277 outdoor parking spaces for vehicle storage. StorageVault intends to grow the facility through the development of a PUPS portable-storage franchise, which it expects to be operational by June.
The facility was purchased for $7.15 million: $2.9 million in case, $3.75 million in bank financing and $500,000 in StorageVault common shares. The acquisition is subject to final acceptance of the TSX Venture Exchange.
StorageVault owns and operates Trans Can Mini-Stor, a self-storage facility and PUPS franchise in Regina, Saskatchewan. The company intends to continue to grow through the acquisition of additional self-storage properties and portable-storage franchises.