StorageVault Canada Inc. has acquired three self-storage facilities in Canada for approximately $6.7 million. Two of the properties are in Moose Jaw, Saskatchewan, while the third is in Midland, Ontario. The combined Moose Jaw transaction totaled $4.4 million and was paid for with the issuance of 162,602 common shares of stock valued at $200,000, along with cash. The Midland deal was paid with $2.3 million in cash, according to a press release.
During the last quarter of 2016, StorageVault has closed on nearly $81 million in acquisitions. In October, the company completed its $48 million acquisition of four assets in Ontario and Quebec, which was followed by a $22 million deal for a facility in Calgary, Alberta. In November, it closed on a $4.1 million deal to buy a location in Ottawa, Ontario.
“Self-storage fundamentals look solid in the near term, and StorageVault should be the beneficiary of strong internal growth and ample consolidation,” Johann Rodrigues, an analyst with financial firm Raymond James, told the source.
StorageVault operates several self-storage facilities and more than 3,200 portable-storage units in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan.