The company operates 160 self-storage facilities throughout the Canadian provinces
April 22, 2019: StorageVault Canada Inc., has acquired 38 storage properties from Canadian investment and asset-management company Wilmington Capital Management Inc. and other vendors for $275 million. The purchase includes $106 million in debt repayment, $4.75 million in aggregate holdbacks and customary adjustments, and cash. Wilmington received $53 million from the sale.
Wilmington will retain assets separate from its self-storage business. This deal will provide the company with” financial flexibility to continue to add value to its remaining operating platforms and to actively seek additional investment opportunities where it can add value,” the release stated.
“The transaction is the culmination of the efforts of a dedicated and successful team and affords Wilmington significant flexibility going forward” Said by Christopher Killi, CEO of the private trust and Wilmington’s managing partner of real estate.
Wilmington Capital is a Canada-based asset-management and investment company specialized in the energy and real estate sectors. The company and its partners invest in hard assets and private-equity funds and manages the assets through its operating platforms.