StorageVault to Acquire 2 Locations for $59,500,000; Updates Previously Announced Transactions

StorageVault Canada Inc.
StorageVault Canada Inc.

In This Article:

TORONTO, June 24, 2024 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX) is pleased to announce that it has agreed to acquire two locations from two arm’s length vendor groups (collectively, the “Vendors”) for an aggregate purchase price of $59,500,000, subject to customary adjustments (the “Acquisitions”). One of the locations is being purchased under a 50/50 joint venture (“Joint Venture”). StorageVault owns a self storage property that is nearby to the joint venture property and provides StorageVault the opportunity to expand its self storage business in that location.

The aggregate purchase price is expected to be paid with funds on hand, issuance of 640,000 StorageVault common shares valued at $4,000,000 to one of the Vendors and a vendor takeback mortgage from one of the Vendors. The Acquisitions are expected to close by the end of June.

Under the terms of the Joint Venture, the joint venture partner and StorageVault will each fund 50% of the purchase price of the Joint Venture location, which includes related expenditures.

The Acquisitions are subject to customary closing conditions for both StorageVault and the Vendors.

One of the assets are located in the GTA and one in Surrey, BC. The Acquisitions will result in StorageVault owning 218 stores and owning and managing 249 stores across Canada.

Updates Previously Announced Transactions

Completes Previously Announced Purchase of Asset
Further to its November 6, 2023, December 8, 2023 and December 28, 2023 news releases, StorageVault has completed the acquisition of a Barrie, ON located asset for $15,500,000, subject to customary adjustments. The purchase price was paid with funds on hand. This transaction completes all of the transactions announced on November 6, 2023 news release.

Terminates Previously Announced Purchase of Assets
Further to its December 28, 2023 news release, due to not being able to satisfy itself with due diligence conditions, StorageVault has terminated the acquisition of the two storage locations in Ontario for $20,000,000.

With the above two updates, the $35,500,000 of transactions outstanding from 2023 have been accounted for.

About StorageVault Canada Inc.
StorageVault owns and operates 247 storage locations across Canada. StorageVault owns 216 of these locations plus over 5,000 portable storage units representing over 12 million rentable square feet on over 700 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.