StorageVaul Canada”) (SVI-TSX) is pleased to announce that, further to its May 12, 2022 news release, it has completed the acquisition of six stores from six vendor groups, for an aggregate purchase price of $167.5 million. Five of the acquisitions are arm’s length and one is a related party acquisition with Access Self Storage Inc. as the vendor.
The aggregate purchase price for the acquisitions in the amount of $167.5 million, subject to customary adjustments, was paid by the issuance of an aggregate of 814,686 common shares of StorageVault at an aggregate price of $5,000,000, with the remainder being paid with funds on hand, a promissory note and mortgage financing. The payment shares are subject to a hold period that expires October 31, 2022.
With these acquisitions, StorageVault has now closed $213.6 million of acquisitions this year and now owns over 11 million square feet of rentable storage space. The one remaining transaction announced on May 12, 2022 is expected to close in Q3 2022.
Continued Focus on Environmental Initiatives
In our ongoing commitment to implement sustainable environmental practices, StorageVault has added four rooftop solar panel systems, this brings us to 36 rooftop solar systems and solar walls.
About StorageVault Canada Inc.
StorageVault, before the completion of the Acquisitions, owns and operates 235 storage locations across Canada. StorageVault owns 203 of these locations plus over 4,500 portable storage units representing over 11.2 million rentable square feet on over 660 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.
