StorageVault is pleased to announce that, further to its October 13, 2021 news release, it has completed the acquisition of eight stores from five vendor groups, for an aggregate purchase price of $98.6 million. Three of the Acquisitions are arm’s length and five, totaling $72 million, are related party acquisitions with Access Self Storage Inc. or its affiliates or associates as the vendor.
The purchase price for the acquisitions in the amount of $98.6 million, subject to customary adjustments, was paid by the issuance of an aggregate of 3,327,246 common shares of StorageVault at an aggregate price of $20,000,000, with the remainder being paid with funds on hand, a promissory note and mortgage assumption. The Payment Shares are subject to a hold period that expires March 6, 2022.
The balance of the $130,000,000 of transactions announced on October 13, 2021 are expected to close before the end of the fiscal year.
About StorageVault Canada Inc.
StorageVault now owns and operates 228 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 194 of these locations plus over 4,500 portable storage units representing over 10.5 million rentable square feet on over 625 acres of land. StorageVault also provides last mile storage and logistics solutions and professional records management services, such as document and media storage, imaging and shredding services.
