QuadReal Property Group LP has acquired Maple Leaf Self Storage Inc. for an undisclosed sum.
QuadReal spokeswoman Hannah Wanlin said in a Monday email the acquisition aligns with the company’s investment strategy and expands its presence in the self-storage sector.
QuadReal is a private owner and manager of properties across Canada, operating at arm’s length from owner British Columbia Investment Management Corp.
Vancouver-based Maple Leaf Self Storage has 15 locations in B.C. and Alberta, according to its Facebook page.
Maple Leaf did not immediately respond to a request for comment.
Self-storage occupies its own corner of the market and is performing well, said Michael Emmott, capital markets principal with Avison Young (Canada) Inc.
“Self-storage certainly continues to be a very in-demand asset class,” he said.
But it’s not for everyone, Emmott added.
“They are kind of specialists,” he said.
“I would say grocery-anchored retail is still more of a belle than self-storage, just because of the more limited buyer pool, but for those groups that have an interest in that product type, it’s very much in demand.”
