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Canadian Self-Storage Operator StorageVault Agrees to Buy 5 Properties for $19M

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Update 11/23/15 – StorageVault Canada has signed formal purchase agreements to acquire five self-storage properties in Kamloops and Winnipeg. The combined purchase price for the assets is about $18.66 million. They comprise a total of approximately 205,000 square feet. The three Kamloops properties will be purchased from Ace Sun Ventures Ltd. and SelfStorAll Limited Partnership in one transaction, while the two Winnipeg facilities will be acquired from 5559 N.W.T. Ltd. and Winnipeg Mini Storage Inc. in separate deals, according to a company press release.

The Kamloops properties comprise a total of about 85,000 square feet and will be acquired for $7.8 million. StorageVault will pay for the three facilities by issuing up to $500,000 of common shares at 65 cents per share. The remainder will be paid via certified check or wire transfer, the release stated. The company signed the purchase agreement on Nov. 18 and expects to close the deal around Nov. 30.

The Winnipeg facilities comprise a combined 120,000 square feet. The company will buy the 5559 N.W.T. property for $5.6 million and the Winnipeg Mini Storage location for $5.26 million. StorageVault will pay for the facilities by issuing up to $500,000 and $1.05 million of common shares, respectively, at 65 cents per share. The remainder of both transactions will be paid via certified check or wire transfer. The company signed purchase agreements on Nov. 19 and expects to close both deals on or before Dec. 21.

The Winnipeg acquisitions will make StorageVault the largest self-storage operator in the region, company officials said. All three deals are subject to conditions and final approvals.


10/19/15 – Canadian self-storage operator StorageVault Canada Inc. has entered non-binding agreements with three different vendors to acquire five storage properties for $19 million. Three of the assets are in Kamloops, British Columbia, and two are in Winnipeg, Manitoba. Approximately 10 percent of the total purchase price will be met by issuing common shares at $0.65 per share, according to a press release. The company expects to close the transactions around Nov. 30.

The separate deals are subject to approval by the TSX Venture Exchange. Prior to entering formal purchase agreements, each transaction may require board approval, environmental-assessment reports, financing, shareholder consent and other conditions, the release stated.

StorageVault is also negotiating with Access Self Storage Inc. to purchase $23 million of assets in Southern Ontario, Canada. StorageVault recently completed a $51 million deal with Access and Cubeit Portable Storage Canada Inc., in which the company acquired seven Access facilities.

StorageVault operates 17 self-storage facilities and more than 3,200 portable-storage units in Alberta, British Columbia, Manitoba, Ontario, Quebec, Saskatchewan and Nova Scotia.

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