StorageVault Canada Inc. has entered into an acquisition agreement to purchase a RV-storage facility in Saskatoon, Saskatchewan, Canada, for $1.6 million.

RV Storage of Saskatoon comprises of 180,000 square feet of rentable storage area on 5.5 acres of land. The facility can store up to 700 vehicles.

The acquisition agreement is subject to a number of conditions, including the completion of due diligence and environmental investigations, financing, and approval by StorageVaults board of directors. If all conditions are satisfied, the acquisition should close by March 15.

StorageVault intends to relocate and combine its PUPS portable-storage business, which  presently operates out of a leased location in Saskatoon, with RV Storage of Saskatoon.

StorageVault owns and operates Canadian PUPS portable storage in Saskatoon, Trans Can Mini-Stor in Regina, and Kenaston Self Storage in Winnipeg. The company intends to grow through the acquisition of self-storage properties and the development of portable-storage facilities in Canada. Its common shares are listed on the TSX Venture Exchange.