StorageVault Canada buys 38 self-storage facilities for $275M
The storage properties are located in B.C., Alberta, Manitoba and Ontario
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StorageVault Canada has agreed to purchases 38 self-storage facilties across four provinces from Wilmington Capital Management, Real Storage Private Trust and its partners.
The storage properties are located in B.C., Alberta, Manitoba and Ontario. The transaction also includes a 24 per cent interest in a redevelopment property in Kitchener, Ontario.
“[The sale] is in keeping with Wilmington’s strategy of seeking undervalued investment opportunities and optimizing the timing of value realization,” said Christopher Killi, CEO of Real Storage Private Trust and Wilmington’s managing partner of real estate, in the release.
Wilmington will retain non-storage assets that are part of its present portfolio. Wilmington partnered with Real Storage Private Trust as well as SNS Storage (Ontario) Limited Partnership, Real Storage GP Inc., and 2242907 Ontario Inc., for this transaction.
Wilmington plans to repay $106 million in debt from the proceeds of the sale. Wilmington stands to gain approximately $53 million from the deal, which requires two-thirds of Wilmington shareholders’ approval to go ahead.
“Post-closing, the corporation will have the financial flexibility to continue to add value to its remaining operating platforms and to actively seek out additional investment opportunities where it can add value,” Wilmington said in the release.
StorageVault currently owns and operates 160 storage locations in B.C., Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia.