Source: StorageVault Canada.
  • StorageVault Canada (SVI) has announced plans to acquire three storage locations from three vendor groups for $21.825 million
  • Two of the assets are located in Nova Scotia, while the other is in Alberta
  • The acquisitions are expected to close in the first and second quarters of 2023
  • StorageVault owns, manages and rents self-storage and portable storage space to individuals and commercial clients
  • StorageVault (SVI) opened trading at $5.90

StorageVault (SVI) has announced plans to acquire three storage locations for $21.825 million.

Two of the assets are located in Nova Scotia, while the other is in Alberta.

Two of the assets are arm’s length, while one for $13 million is a related-party acquisition with Access Self Storage.

The acquisitions are expected to close in the first and second quarters of 2023.

Consideration will involve the issuance of up to $4.5 million StorageVault common shares to certain vendors, with the remainder being paid with promissory notes, funds on hand, or debt of one of the stores being acquired.

The acquisitions are subject to conditions such as completion of an agreement of purchase and sale, mortgage assumption approval, satisfactory due diligence, and satisfactory environmental site assessment reports.

Other customary closing conditions include acceptance of the TSX for certain acquisitions.

StorageVault owns, manages and rents self-storage and portable storage space to individuals and commercial clients.

StorageVault (SVI) opened trading at $5.90.

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