QuadReal Property Group has acquired Maple Leaf Self Storage for an undisclosed price.

According to multiple reports, Larco Investments previously owned Maple Leaf, which operates 15 self-storage outlets in B.C. and Alberta, including 11 in the Vancouver region and four in the Calgary area.

The acquisition expands Vancouver-based QuadReal’s footprint in the self-storage sector. Business in Vancouver reported that the deal was valued at approximately $1 billion, citing an undisclosed industry source.

However, QuadReal has declined to disclose the purchase price.

QuadReal spokesperson Hannah Wanlin told BIV in an email that the acquisition aligns with the company’s investment strategy. QuadReal’s website states that Maple Leaf’s facilities comprise 17,000 storage units and 1.7 million square feet of net retable area.

Vancouver-based Maple Leaf has been operating for more than 40 years. The company also offers retail services for moving and storage supplies at several of its locations.

An industry source told Business in Vancouver the deal is believed to be valued near $1 billion, though QuadReal declined to confirm the figure. Maple Leaf did not immediately respond to a request for comment.

QuadReal, a private global real estate investment, development and management firm, operates independently from its owner, the British Columbia Investment Management Corporation.

Pictured: A Maple Leaf Self Storage facility.

Photo: Maple Leaf

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