On March 18, 2009, Canadian Storage Partners ULC, a member of the TKG-StorageMart group of companies, completed its acquisition of InStorage REIT by way of take-over bid and compulsory acquisition for consideration of $4 in cash per InStorage REIT unit. The transaction valued InStorage REIT at approximately $416 million.
InStorage REIT owns and operates 57 self-storage facilities in Ontario, Quebec, Alberta and Saskatchewan and is a joint venture partner with respect to four additional self-storage facilities.
The acquisition of InStorage REIT required the consent of lenders holding in excess of $175 million of securitized loans and lenders with conventional loans in excess of $100 million. Prior to the announcement of its take-over bid, Canadian Storage Partners and its affiliates held approximately 19.5 per cent of the outstanding InStorage REIT units. Including the InStorage REIT portfolio, the TKG-StorageMart group owns, operates and is developing 124 self-storage facilities throughout North America totalling approximately eight million square feet of gross rentable area.
The TKG-StorageMart group was represented in Canada by Davies Ward Phillips & Vineberg LLP with a team in Toronto that included Mark Connelly, Jim Reid, Darren Wasylucha and Michael Rapps (corporate/securities); John Ulmer and Raj Juneja (tax); Gabriella Lombardi, Patrice Thomas and Daniel Remick (real estate) and Chris Margison (regulatory). The TKG-StorageMart group was also represented in the US by Van Matre, Harrison, Volkert, and Hollis, P.C. with a team that included Craig Van Matre, Tom Harrison and Matt Volkert.
InStorage REIT was represented by McCarthy Tétrault LLP with a team that included Graham Gow, Roger Chouinard, Ian Michael and Matthew Appleby (corporate/securities); Danny Grandilli, Alysha Valenti and Kamil Umar (real estate); James Morand (tax); Dean Palmer (employment); Jeanette Lee (intellectual property) and Oliver Borgers and Donald Houston (regulatory).