StorageVault Canada has expanded its self-storage real estate portfolio with the acquisition of two facilities located in Barrie, Ont., and North Bay, Ont.

The two cities are secondary markets situated in Southern Ontario and Northern Ontario, respectively.

The total purchase price for the two properties was $10.5 million, which was paid using StorageVault’s existing funds, the company said in a news release. No information about the seller has been disclosed.

StorageVault currently owns and operates 251 storage locations across Canada, including 221 that the company owns directly. The company’s holdings include more than 5,000 portable storage units, totalling about 12.5 million rentable square feet on 725 acres of land.

In addition to owning and operating its storage facilities, StorageVault offers additional services, including last-mile storage logistics and professional records management, such as document storage, imaging, and shredding services.

With this acquisition, StorageVault continues to reinforce its presence in Ontario, aligning with the company’s strategic growth across the Canadian market, the company said. The acquisitions demonstrate ongoing strong investor appetite for self-storage assets in Canada and other countries.

StorageVault plans to complete $70 million to $100 million of acquisitions in 2024, CFO Iqbal Khan stated in March. The Scarborough, Ont.-based firm also intends to complete 50,000 square feet of expansions and renovations.

The company’s goal is to own and operate storage properties in top Canadian markets, along with complementary portable storage units and records-management storage services.

StorageVault announced a total of $130.1 million in acquisitions in 2023 with some still to be completed. The company currently owns owns and operates 243 storage locations across Canada.

Photo: StorageVault