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TORONTO-InStorage Real Estate Investment Trust is acquiring a portfolio of 11 self-storage properties in Alberta, Saskatchewan and Ontario for C$110 million (US $94 million) in cash and debt. The properties operate under the name StorageMaxx in Western Canada and under the names StorageNOW and StorageONE in Ontario. The portfolio has a total of 5,900 storage units.
Two of the properties are located in Alberta, at 13303 Fort Rd. in Edmonton and 4201 52nd St. SE in Calgary. Three of the properties are located in Saskatchewan, at 901 1st Avenue N. and 3010 11th St. W. in Saskatoon and at 495 Maxwell Crescent in Regina.
The remaining six properties are located in Ontario, at 110 Bell Farm Rd. in Barrie; 990 Syscon Rd. in Burlington; 605 Alden Rd., in Markham; 110 Guided Ct. and 144 Norseman St. in Etobicoke; and 120 Wicksteed Ave. in Toronto.
The portfolio will be acquired pursuant to an acquisition agreement between the REIT's subsidiary, InStorage Limited Partnership, and the various related entities which own the properties. The acquisition is scheduled to close on April 5.
InStorage indirectly owns 24 self-storage properties located in Ontario and Alberta. Last week, the company began closing a seven-property acquisition in Western Canada. The company acquired four Stor edge Self Storage properties totaling 249,000 sf and 1,800 storage units for C$27.3 million. Three of the properties are located in Calgary and the other is in Saskatchewan. The remaining three Stor edge Self Storage properties are expected to be acquired by InStorage affiliate InScotia Developments on or before May 31 for an additional $5.5 million.
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