- StorageVault (SVI) has agreed to acquire 10 stores from seven vendor groups for an aggregate purchase price of $130,000,000
- The acquisitions are expected to close in Q4 2021
- The purchase is payable by the issuance of up to $20,000,000 of StorageVault common shares, with the remainder of the purchase price being paid with funds on hand
- The acquisitions are subject to several conditions
- StorageVault owns and operates storage locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia
- StorageVault Canada Inc. (SVI) is trading at C$5.90 per share at 11 am ET
StorageVault (SVI) has agreed to acquire 10 stores from seven vendor groups for an aggregate purchase price of $130,000,000.
Five of the acquisitions are arm’s length and two, totalling $72,000,000, are related party acquisitions with Access Self Storage Inc.
All acquisitions are expected to close in Q4 2021.
Four of the assets are located in Ontario, four in Quebec, one in Alberta and one in Saskatchewan.
The acquisitions will result in StorageVault owning 196 stores and owning and managing 230 stores across Canada.
The aggregate purchase price of $130,000,000 is payable by the issuance of up to $20,000,000 of StorageVault common shares, with the remainder of the purchase price being paid with funds on hand, first mortgages, and mortgage assumptions.
The acquisitions are subject to conditions including satisfactory due diligence, mortgage assumption approvals, obtaining first mortgage commitments, and satisfactory environmental site assessment reports.
StorageVault owns and operates storage locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia.
StorageVault Canada Inc. (SVI) is trading at C$5.90 per share at 11 am ET.