TORONTO, June 24, 2025 (GLOBE NEWSWIRE) — STORAGEVAULT CANADA INC. (“StorageVault”) (SVI-TSX) is pleased to announce that, further to its April 23, 2025 news release, it has completed the acquisition of seven stores and one adjacent vacant parcel of land (collectively, the “Acquisitions”) from six vendor groups (collectively, the “Vendors”), for an aggregate purchase price of $71.9 million. Six of the Acquisitions are arm’s length and two, totaling $21.9 million, are related party acquisitions (the “Related Party Acquisitions”) with Access Self Storage Inc. (“Access”) as the Vendor.
The aggregate purchase price for the Acquisitions in the amount of $71.9 million, subject to customary adjustments, was paid with funds on hand, a promissory note and mortgage financing.
The balance of the $126.2 million of transactions announced on April 23, 2025 are expected to close in Q3.
Exemption from MI 61-101
As Access is a non-arm’s length party to StorageVault, the Related Party Acquisitions are considered a “related party transaction” under Multilateral Instrument 61-101 – “Protection of Minority Security Holders in Special Transactions” (“MI 61-101”). StorageVault relied on exemptions from the formal valuation and minority approval requirements of MI 61-101, in respect of the Related Party Acquisitions, pursuant to Section 5.5(a) and Section 5.7(1)(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101.
About StorageVault Canada Inc.
StorageVault owns and operates 258 storage locations across Canada. StorageVault owns 228 of these locations plus over 5,000 portable storage units representing over 12.9 million rentable square feet on over 752 acres of land. StorageVault also provides last mile storage and logistics’ solutions and professional records management services, such as document and media storage, imaging and shredding services.
For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:
Tel: 1-877-622-0205
ir@storagevaultcanada.com
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