StorageVault operates 160 self-storage facilities throughout the Canadian provinces
February 12, 2019: StorageVault Canada has agreed to acquire 38 storage properties from Canadian investment and asset-management company Wilmington Capital Management Inc. and other vendors for $275 million. The company will purchase all the equity interests in Real Storage Private Trust from Wilmington.
The total portfolio comprises 25 facilities in Ontario, 11 in Alberta, and one each in British Columbia and Manitoba. As per the deal the company has 33 percent indirect interest in a Toronto facility and a 24 percent indirect interest in a development property in Kitchener, according to the press release.
“The transaction reflects a compelling valuation for Wilmington’s interest in the private trust and is in keeping with Wilmington’s strategy of seeking undervalued investment opportunities and optimizing the timing of value realization,” Said by Christopher Killi, CEO of the private trust and Wilmington’s managing partner of real estate.
The self-storage properties comprised about 59 percent of the net-book value of Wilmington’s assets. The company will retain its non-self-storage assets, which include private-equity funds and natural-gas interests.
StorageVault operates self-storage facilities in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan provinces. It has a portfolio of 106 owned properties with more than 6 million rentable square feet.