StorageVault Canada Inc. sold a parcel of land in Cambridge, Ontario, to PepsiCo Foods Canada, a business unit of PepsiCo Canada ULC, for $760,000.
The sale includes 2.16 acres of land currently being used as storage for RVs as part of StorageVault's B&B Mini Storage facility.
The sale price was comprised of $350,000 cash and the conveyance at closing by PepsiCo to StorageVault of a property consisting of approximately 1.45 acres of land adjacent to B&B Mini Storage. In addition, StorageVault will lease back the sale property for a two-year term rent free.
StorageVault owns and operates Canadian PUPS portable storage in Saskatoon, Trans Can Mini-Stor in Regina, and Kenaston Self Storage in Winnipeg. The company intends to grow through the acquisition of self-storage properties and the development of portable-storage facilities in Canada. Its common shares are listed on the TSX Venture Exchange.