InStorage REIT Acquires 11 Properties for $110M

On April 5, 2007, a group of private investors sold its portfolio of 11 premium class self-storage properties located in Alberta, Saskatchewan and Ontario to the operating subsidiary partnership of InStorage Real Estate Investment Trust for an aggregate sale price of $110 million. The properties currently operate under the names “StorageMaxx” in Western Canada and “StorageNOW” and “StorageONE” in Ontario.

The vendor group was represented by Torys LLP, with a team that included Simon Knowling, Graham Rawlinson and Danielle Townley (corporate and real estate); Christina Medland (employment); Corrado Cardarelli (tax); Eric Boehm (intellectual property) and Jay Holsten (competition). Wayne Johnson of Bishop & McKenzie LLP represented the vendor group with respect to Alberta real estate matters, and James Gorkoff of McKercher McKercher & Whitmore LLP represented the vendor group with respect to Saskatchewan real estate matters.

InStorage was represented by McCarthy Tétrault LLP, with a team that included Danny Grandilli, John Currie, David Starkman, Alysha Valenti and Gregory Liakopoulos (real estate). Ronald Warsaba of Kanuka Thuringer LLP represented InStorage with respect to Saskatchewan real estate matters.