StorageVault Completes the Purchase of 6 Storage Assets

Source: www.gulfoilandgas.com 6/30/2022, Location: North America

STORAGEVAULT CANADA INC. (“StorageVault”) is pleased to announce that, further to its May 12, 2022 news release, it has completed the acquisition of 6 stores (collectively, the “Acquisitions”) from 6 vendor groups (collectively, the “Vendors”), for an aggregate purchase price of $167.5 million. Five of the Acquisitions are 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 for the Acquisitions in the amount of $167.5 million, subject to customary adjustments, was paid by the issuance of an aggregate of 814,686 common shares of StorageVault (“Payment Shares”) at an aggregate price of $5,000,000, with the remainder being paid with funds on hand, a promissory note and mortgage financing. The Payment Shares are subject to a hold period that expires October 31, 2022.

With these Acquisitions, StorageVault has now closed $213.6 million of acquisitions this year and now owns over 11 million square feet of rentable storage space. The one remaining transaction announced on May 12, 2022 is expected to close in Q3 2022.

Continued Focus on Environmental Initiatives
In our ongoing commitment to implement sustainable environmental practices, StorageVault has added 4 rooftop solar panel systems, this brings us to 36 rooftop solar systems and solar walls.

Exemption from MI 61-101
As 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(a) (Fair Market Value Not More Than 25% of Market Capitalization) of MI 61-101.


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