StorageVault Canada Inc., which operates 161 self-storage facilities throughout the Canadian provinces, has agreed to acquire three self-storage properties under control of affiliate Access Self Storage Inc. as well as the assets and business of RecordXpress, an Alberta-based records-management firm owned by Access. The $32.5 million deal includes two operating self-storage locations in Toronto and a 4-acre property in London, Ontario, according to a press release.
The London property is adjacent to a Real Storage site that is part of a $275 million, 38-property transaction StorageVault announced in February. This latest deal was approved by StorageVault’s acquisition committee on April 5 but is still subject to customary closing conditions, including approval from TSX Venture Exchange, a stock exchange in Canada. The transaction is expected to close after the Real Storage deal is complete, according to Steven Scott, CEO of StorageVault.
StorageVault officials believe the records-management business is a “complementary vertical,” similar to its 2018 acquisition of Cubeit Portable Storage Canada Inc., that will deliver “sticky cash flow,” Scott said, adding that the RecordXpress infrastructure will provide “the backbone for launching a valet-storage business.”
The deal will be paid for by the issuance of $8.3 million common shares, along with mortgage financing and cash.
StorageVault operates self-storage facilities in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan. It’s portfolio of 107 owned properties comprises more than 6 million rentable square feet.