TORONTO, Sept. 13, 2019 /CNW/ - Make Space Capital Partners is pleased to announce that on August 1, 2019, Make Space Capital Partners I LP (the "Fund") closed the first tranche of its private placement for aggregate gross proceeds of approximately $2.7 million.
The proceeds were used to acquire two self-storage properties located in Winnipeg, Manitoba and Pender Harbour, B.C., respectively, for the aggregate purchase price of $10.1 million.
The Winnipeg property is just over 5 acres with over 350 units and over 95,000 square ft. of rental space.
The Pender Harbour property is just over 6.5 acres with over 300 units and over 66,000 square ft. of rental space.
"We are pleased to have completed our initial investments," said Vaughan Kooyman, Founder and Head of Acquisition. "We are very excited to be creating and expanding our portfolio of self-storage assets across Canada."
"Both the Winnipeg and Pender Harbour properties' ability to generate stabilized cash flows are an excellent fit with our investment strategy," said Mark Steppell, Director of Financial Reporting.
About the Fund
The Fund was formed in the summer of 2019 and is focused on investments in storage assets including self-storage properties, containerized portable storage and flex storage. Its objective is to build a diversified portfolio of stabilized storage assets with strong growth potential operating in attractive markets across Canada.
Make Space Capital Partners is the investment management arm of Make Space Inc., a British Columbia-based and Canadian owned self-storage company and the self-storage arm of the Coast Storage group of companies.
This press release does not constitute a offering to sell securities or the solicitation of an offer to buy securities.
SOURCE Make Space Capital Partners
For further information: Danny Freedman, Owner, Director of Corporate Development Make Space Inc., Phone: 604-540-0779, [email protected]; Eric Hansen, VP Distribution Raintree Corporate Finance, Phone: 780-965-3497, [email protected]