StorageVault Completes the Purchase of Two Storage Assets
December 08 2023 - 8:50AM
STORAGEVAULT CANADA INC.
(“
StorageVault”) (
SVI-TSX) is
pleased to announce that it has completed the acquisition of two of
the stores announced on November 6, 2023 for an aggregate purchase
price of $49,135,000 (the “
Acquisitions”). One of
the of the Acquisitions is arm’s length and one is a related party
acquisition (the “
Related Party Acquisition”)
with Access Self Storage Inc. (“
Access”) as the
Vendor.
The aggregate purchase price of the Acquisitions
of $49,135,000, subject to customary adjustments, was paid with
mortgage financing and funds on hand.
Exemption from MI 61-101As
Access is a non-arm’s length party to StorageVault, the Related
Party Acquisition is considered a “related party transaction” under
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions (“MI 61-101”).
StorageVault is relying on exemptions from the formal valuation and
minority approval requirements of MI 61-101, in respect of the
Related Party Acquisition, 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 241 storage locations
across Canada. StorageVault owns 210 of these locations plus over
5,000 portable storage units representing over 11.6 million
rentable square feet on over 680 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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