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QuadReal Property Group has entered the Canadian self-storage sector with the acquisition of Maple Leaf Self Storage, a Vancouver-based company which owns and operates 15 facilities in British Columbia and Alberta.
Financial details have not been disclosed, but the company’s holdings are valued at over a half-billion dollars. Its facilities are mainly modern self-storage buildings offering a range of amenities including drive-in loading bays, multi-level urban storage, security and other features.
Maple Leaf had previously been owned by Vancouver-based Larco Investments. The privately owned real estate investment company holds a portfolio of assets in the hospitality, residential and commercial real estate sectors.
“QuadReal Property Group (QuadReal) has acquired Maple Leaf Self Storage," a company spokesperson wrote in an email reply to questions from RENX. "This investment is in direct alignment with QuadReal’s strategy to invest in newer generation storage facilities in high-density and undersupplied markets.
"Maple Leaf Self Storage joins QuadReal’s portfolio of operating platforms."
QuadReal declined to share any further details at this time about the transaction or its plans within the sector.
Maple Leaf, QuadReal and the self-storage sector
Maple Leaf Self Storage has been operating for over 40 years, and currently has 11 facilities across the Metro Vancouver region: in Capilano, Coquitlam and Port Coquitlam, Surrey, Richmond, Vancouver and West Vancouver. Its four Alberta locations are all in the Calgary area.
Maple Leaf also operates a retail network within some of its facilities providing moving and storage supplies and services.
QuadReal lists its portfolio as including over 17,000 storage units and 1.7 million square feet of space on its website.
QuadReal is a major global investor which is based in Vancouver. It is involved in investment, development and property management across a wide range of commercial and residential sectors.
The firm has 15 global offices, employs approximately 1,900 people and has approximately $94 billion in assets under management. It is wholly owned by the British Columbia Investment Management Corporation and acts as BCI’s real estate investment arm.
This is not QuadReal’s first foray into the self storage sector. In 2022, QuadReal invested into a major venture with U.S.-based Store Space Self Storage.
The partnership had plans to invest a billion dollars into the sector, seeding it with the acquisition of a $200-million portfolio of assets in seven states. The portfolio included over 9,000 units comprising 1.1 million square feet of space.
Store Space is a self-storage owner-operator and third-party management company, headquartered in Winter Garden, Fla. It currently operates over 75 properties in 21 states.
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