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StorageVault Canada Inc. (TSX: SVI) has announced its agreement to acquire two adjacent properties in southern Ontario for a total purchase price of $71.5 million, subject to customary adjustments. The acquisition, involving two arm’s length vendors, is anticipated to close by the end of the third quarter of 2024, pending standard due diligence and closing conditions.
Funding and Financing
The $71.5 million purchase price for the southern Ontario properties will be financed through a combination of funds on hand and first mortgage financing. This strategic acquisition underscores StorageVault’s commitment to expanding its presence in key markets across Canada, enhancing its portfolio and service capabilities.
Completion of Previously Announced Transactions
In a related update, StorageVault has successfully completed the acquisition of two locations previously announced on June 24, 2024. The final purchase price for these properties was $58.5 million, settled through available funds, the issuance of 640,000 common shares valued at $4 million, and a vendor takeback mortgage. These transactions were finalized before June 30, 2024.
Significant Year-to-Date Acquisitions
With the addition of the new southern Ontario properties, StorageVault has closed or announced acquisitions totaling $204.5 million in fiscal 2024. Upon completing the latest acquisition, StorageVault will own and operate 250 storage locations across Canada, solidifying its position as a leading provider of storage and logistics solutions in the country.
About StorageVault Canada Inc.
StorageVault currently owns and operates 249 storage locations across Canada, including 218 owned locations and over 5,000 portable storage units. These assets represent more than 12 million rentable square feet spread across over 700 acres of land. In addition to traditional storage solutions, StorageVault offers last-mile storage and logistics services, as well as professional records management services, including document and media storage, imaging, and shredding services.
Strategic Growth and Market Leadership
StorageVault’s strategic acquisitions align with its long-term growth objectives, enabling the company to expand its service offerings and market reach. By integrating new properties and enhancing its storage solutions, StorageVault continues to meet the evolving needs of its diverse clientele, ranging from individual customers to large enterprises.
The latest acquisition in southern Ontario not only boosts StorageVault’s operational capacity but also reinforces its commitment to providing high-quality, accessible storage and logistics services across Canada. As the company continues to grow, it remains focused on delivering value to its shareholders and exceptional service to its customers.
