StorageVault completes $6.7-million asset acquisition

The non-traditional property manager has acquired storage assets in Saskatchewan and Ontario

StorageVault completes $6.7-million asset acquisition
Storage space owner and operator StorageVault has announced the closing of acquisitions for assets, property, and business used to operate two Moose Jaw, Saskatchewan self-storage stores and one Midland Ontario area self-storage store. The costs of the acquisitions amounted to $4.4 million for Saskatchewan, and $2.3 million for Ontario.

These latest transactions put the total value of assets acquired by StorageVault over the last quarter of 2016 over $80 million. On Oct. 3, the company completed the acquisition of assets in Quebec and Ontario to the tune of $48 million; that was followed on Oct. 19 by a $22-million deal for a property in Calgary. In November, the company closed a deal to buy a location in Ottawa for $4.1 million.

The company is a first mover in Canada’s self-storage industry. While self-storage has been the best-performing real estate class in the United States over the last five and ten years, the industry is still in its infancy, according to a note to clients released earlier this month by Raymond James. This makes StorageVault a possible opportunity for Canadian investors to get in on the ground floor.

“Self-storage fundamentals look solid in the near term and StorageVault should be the beneficiary of strong internal growth and ample consolidation,” said Raymond James analyst Johann Rodrigues.

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