Locations
StorageVault (SVI-T) has announced the acquisition of four self storage properties in Ontario for a combined price of $81.55 million.
Three of the acquisitions, all located in the Greater Toronto Area, will be purchased through a new partnership between StorageVault and Woodbourne, a real estate investor, operator and developer with offices in Toronto and Boulder, Colo.
The three properties in the new joint venture will represent $71.25 million of the total aggregate purchase price.
"StorageVault will hold a 25 per cent interest in the Joint Venture and Woodbourne will hold the remaining 75 per cent interest," StorageVault said in the announcement this morning. "StorageVault currently manages these three properties and will continue to manage them on behalf of the Joint Venture."
The fourth property, located in Southwestern Ontario, will be acquired solely by StorageVault for $10.3 million.
StorageVault, Woodbourne build on 15-year relationship
StorageVault said its share of the JV purchase prices, roughly $28.1 million, will be paid with funds on hand and first mortgage financing.
"The Joint Venture allows StorageVault to acquire an ownership interest in three locations it already manages while deploying limited capital, and to continue to earn management fees in addition to its 25 per cent share of the returns of the Joint Venture," the company said in the announcement.
"Woodbourne has the objective of growing its self storage holdings. StorageVault’s management team has known Woodbourne for over 15 years and has completed a number of transactions with Woodbourne during that period."
The newly announced acquisitions are expected to close before the end of Q3 and follow on a string of asset purchases by StorageVault which total $153 million to date this year.
In March, the company announced it had completed the acquisition of five storage assets from four vendor groups for $62.5 million.
The acquisitions are subject to customary due diligence conditions for StorageVault and closing conditions for both StorageVault and the vendors.
About StorageVault
When the acquisitions complete, StorageVault will own and operate 273 locations across Canada. It was founded in 2007 but a new management team led by Steven Scott as CEO and chair, and Iqbal Khan as CFO, took over in 2015 with a focus on acquisitions, organic expansion and growing cash flow.
StorageVault storage assets across Canada represent over 13.7 million rentable square feet on 792 acres.
The company also provides last mile storage and logistics’ solutions and professional records management services, such as document and media storage, imaging and shredding services.
RENX reached out to StorageVault for comment and this article will be updated if additional information becomes available.
Industry Events
Locations
