Make Space Capital Partners, the investment-management arm of Canada-based self-storage operator Make Space Inc., has closed a $2.7 million first tranche of a private placement through its fund, Make Space Capital Partners I LP. The company used the proceeds to acquire two self-storage facilities in Pender Harbour, British Columbia, and Winnipeg, Manitoba, for a combined $10.1 million. Together, the properties comprise more than 161,000 rentable square feet, according to a press release.
The Pender Harbour facility sits on more than 6.5 acres. It comprises about 66,000 square feet in more than 300 units. The Winnipeg facility is on 5 acres and comprises about 95,000 square feet in 350 units, the release stated.
"We are pleased to have completed our initial investments," said Vaughan Kooyman, founder and head of acquisitions. "We are very excited to be creating and expanding our portfolio of self-storage assets across Canada.”
“Both the Winnipeg and Pender Harbour properties’ ability to generate stabilized cash flows are an excellent fit with our investment strategy,” added Mark Steppell, director of financial reporting.
Make Space launched the fund this summer to focus on investments in self-storage, mobile storage and flex storage. It intends to build a diversified portfolio across Canada, according to the release.
Make Space operates seven self-storage facilities in Western Canada. It’s the self-storage division of the Coast Storage group of companies, which includes shipping-container supplier Coast Storage & Containers Ltd.