Storage Vault Canada Inc. has bought 2051428 Ontario Inc., also known as B& B Mini Storage, located in Cambridge, Ontario, for $2,367,500. After the usual closing adjustments, the total price included an initial cash deposit of $50,000, a final cash payment of $813,088, plus bank-debt financing totaling $1,495,000.
The facility has 188 units and sits on 4.76 acres; out of that land, 2.32 acres is extra space currently used for outdoor vehicle storage. Storage Vault plans to expand the business by launching a PUPS portable-storage franchise there which should be up and running by September.
Storage Vault already runs Canadian PUPS portable storage in Saskatoon along with Trans Can Mini-Stor in Regina and Kenaston Self Storage in Winnipeg. The locations in Regina and Winnipeg are traditional self-storage places that also operate portable-storage franchises side by side. The company wants to grow by buying more self-storage properties and setting up portable-storage sites across Canada. Its common shares trade on the TSX Venture Exchange.
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Canadian PUPS to Be Added to Ontario Self-Storage Facility
