The properties have been acquired for $429M
August 5, 2017: StorageVault has closed on the 24 self-storage facilities that were part of the Sentinel Storage portfolio. In addition to paying for the assets through the issuance of company shares, cash on hand and mortgage financing, the company used funds from a new revolving credit agreement of up to $270 million, which was advanced at the closing of the transaction, according to a press release.
“We are very happy with the credit agreement and its strong sponsorship,” said Iqbal Khan, chief financial officer. “It provides us with the flexibility to apply StorageVault’s operating system to the acquisition and the ability to reduce our cost of debt.”
The credit agreement, led by The Bank of Nova Scotia, also includes the Bank of Montreal, Canadian Imperial Bank of Commerce, Canadian Western Bank, National Bank of Canada, Raymond James Finance Company of Canada Ltd. and The Toronto-Dominion Bank.