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Canadian Self-Storage Operator StorageVault Completes $52.5M Acquisition of Storage for Your Life

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Canadian self-storage operator StorageVault Canada Inc. is in the process of acquiring a four-property self-storage portfolio in Vancouver, British Columbia, from Carousel Ventures Ltd. and Storage For Your Life Solutions Inc. The portfolio comprises approximately 300,000 rentable square feet in more than 3,000 units. The $52.5 million deal is expected to close this month.

StorageVault agreed to purchase the Storage For Your Life brand in June. The deal includes $42.5 million in cash and $10 million through the issuance of 20 million common shares of StorageVault stock.

The deal was subject to customary closing conditions including approval by the TSX Venture Exchange.

StorageVault is also nearing completion on its $51.3 million acquisition of Cubeit Portable Storage Canada Inc. and nine storage facilities operated by Access Self Storage Inc. The company paid a first tranche of $26.5 million in April, with the second tranche expected to occur by Oct. 1.

StorageVault operates self-storage facilities in Alberta, British Columbia, Manitoba, Ontario and Saskatchewan. Several of the locations are operated in conjunction with a PUPS portable-storage franchise.

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