StorageVault Canada has entered into an acquisition agreement of purchase and sale for a self-storage facility in Calgary, Alberta. The aggregate purchase price is about $2.96 million*.
The acquisition agreement is subject to a number of conditions, including but not limited to:
- The completion of due diligence and environmental investigations with respect to the property that must be satisfactory to StorageVault in its sole discretion
- Satisfactory financing
- Approval by the board of directors of StorageVault to be given or withheld in its sole discretion
- If applicable, approval of the shareholders of StorageVault
If all conditions under the acquisition agreement are satisfied, the acquisition is scheduled to close on Jan. 31, 2012.
The payment terms for the acquisition are an initial refundable deposit (about $49,400), a second deposit of the same amount (refundable in certain circumstances) to be paid upon removal of due diligence conditions and a final cash payment of $2.96 million at closing.
The Calgary facility has more than 400 rental units with approximately 35,000 square feet of rentable self-storage space, as well as outdoor spaces for vehicle storage. The total size of the site is approximately 1.50 acres. StorageVault intends to develop and operate a PUPS portable storage business in Calgary in conjunction with the self-storage facility.
In other news, StorageVault has terminated the acquisition agreement for a facility located in Kelowna, British Columbia, because of the inability to satisfy due diligence conditions.
StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Saskatchewan; Kenaston Self Storage in Winnipeg, Manitoba; B&B Self Storage in Cambridge, Ontario; Parksville Mini Storage in the regional district of Nanaimo, British Columbia; and Canadian PUPS in Saskatoon, Saskatchewan. StorageVault also manages five self-storage facilities in southern Ontario and intends to continue to grow its business through the acquisition of additional self-storage properties and the development of Canadian PUPS portable storage facilities.
*Currencies converted to U.S. dollars
