QuadReal Property Group has entered the self-storage space with the acquisition of Maple Leaf Self Storage Inc., which operates 15 facilities across British Columbia and Alberta, Canada, in a record-breaking deal finalized May 12.
The transaction is valued at more than $500 million.
“This investment is in direct alignment with QuadReal’s strategy to invest in newer generation storage facilities in high-density and undersupplied markets,” QuadReal said in a statement. “Maple Leaf Self Storage joins QuadReal’s portfolio of operating platforms.”The 15 self-storage facilities contain 17,000 storage units across 1.7 million square feet of net rentable area, with 11 located in Metro Vancouver and four in Calgary.
The Maple Leaf Self Storage chain was owned by West Vancouver-based Larco Investments, a private firm led by the Lalji family, according media outlets.
The acquisition highlights the growing institutional appetite for self-storage as a viab
