- What StorageVault has reached a deal for two storage properties
- Why The deals will take the firm’s owned portfolio to 218 assets
- What next The transaction is expected to close in June
StorageVault has agreed to buy two self-storage properties for a combined $59.5m.
One property is in the Toronto area and the other is in Surrey, B.C. The deal, expected to close in June, will be paid with funds on hand, the issuance of 640,000 StorageVault common shares valued at $4m and a vendor takeback mortgage.
One of the properties is being acquired in a 50-50 joint venture. Following the deal, StorageVault will own 218 properties and own and manage 249 assets across Canada.
StorageVault also said it completed its acquisition of an asset in Barrie for $15.5m and canceled its $20m purchase of two properties in Ontario, as it could not satisfy due diligence conditions.
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