StorageVault Completes Acquisition of Kensaton Self StorageStorageVault Completes Acquisition of Kensaton Self Storage

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.