StorageVault Completes the Acquisition of Space Place Self Storage in Southeast Calgary, Alberta
May 01, 2012
STORAGEVAULT CANADA INC. (“StorageVault”) (SVI: TSX-V) Further to a press release dated November 2, 2011, StorageVault is pleased to announce that it has completed the acquisition of all of the assets and business (collectively the “Acquisition”) operating as Space Place Self Storage in southeast Calgary (“Space Place Self Storage Southeast”) from Ellmar Developments Ltd. The Acquisition is an arm’s length transaction.
About the Acquisition
Space Place Self Storage Southeast is a self-storage business operating in Calgary, Alberta. The self-storage facility has over 400 rental units with approximately 35,000 square feet of rentable self-storage space together with outdoor spaces for storage of vehicles. The total size of the site is approximately 1.50 acres. StorageVault intends to develop and operate a PUPS portable storage business in Calgary, Alberta in conjunction with the Acquisition of Space Place Self Storage Southeast.
The purchase price for the Acquisition was $3,000,000. After standard customary closing adjustments and property transfer taxes, the purchase price was comprised of cash deposits totalling $100,000, a final cash payment totalling $635,623 and a mortgage of $2,250,000. The Acquisition is subject to final acceptance of the TSX Venture Exchange.
About StorageVault Canada Inc.
StorageVault currently owns and operates Trans Can Mini-Stor in Regina, Kenaston Self Storage in Winnipeg, B&B Self Storage in Cambridge, Parksville Mini Storage in the Regional District of Nanaimo and Canadian PUPS in Saskatoon. Trans Can Mini-Stor, Kenaston Self Storage, B&B Mini Storage and Parksville Mini Storage are fixed unit storage facilities operating in conjunction with high margin Canadian PUPS portable storage franchises at each location. StorageVault operates Canadian PUPS in Saskatoon as a stand-alone portable storage franchise. 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 organically as master franchisee through the development of Canadian PUPS portable storage facilities in Canada.
For further information, contact
Mr. Alan Simpson
3603 Selinger Crescent
Regina, Saskatchewan S4V 2H7
Tel: (306) 536-3771
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault’s disclosure documents on the SEDAR website at www.sedar.com.