Vancouver-based QuadReal Property Group — the real estate subsidiary of the British Columbia Investment Management Corporation (BCI) — has completed its acquisition of the Maple Leaf Self Storage chain.
The portfolio consists of 15 properties — 11 in Metro Vancouver and four in Calgary — that amount to over 17,000 individual storage units and 1.7 million square feet of net rentable area.
"QuadReal Property Group (QuadReal) has acquired Maple Leaf Self Storage," said QuadReal in a statement provided to STOREYS. "This investment is in direct alignment with QuadReal's strategy to invest in newer generation storage facilities in high-density and undersupplied markets. Maple Leaf Self Storage joins QuadReal’s portfolio of operating platforms."
The Maple Leaf Self Storage chain was owned by West Vancouver-based Larco Investments, a private firm led by the Lalji family that also owns the Park Royal Shopping Centre and Fairmont Hotel Vancouver, among other assets.
Financial details have not been disclosed. STOREYS also reached out to BCI on May 10, but has not received a response.
However, based on publicly available property assessment data in British Columbia and Alberta, the portfolio has an estimated combined assessed value of $535,237,000, not including one property in West Vancouver, which is part of the same legal parcel as the Park Royal Shopping Centre. While property assessments don’t always reflect true market value, the gap is typically not significant.
The 15 properties and their assessed values are:
- 2028 Curling Road, North Vancouver: $38,554,000
- 1601 Lougheed Highway, Coquitlam: $17,551,400
- 77 Fawcett Road, Coquitlam: $35,079,800
- 1599 Coast Meridian Road (South), Port Coquitlam: $41,162,000
- 5758 Landmark Way, Surrey: $31,308,700
- 3240 No. 4 Road, Richmond: $63,597,000
- 33 Commercial Drive, Vancouver: $81,849,000
- 1575 Kootenay Street, Vancouver: $74,445,100
- 1818 Quebec Street, Vancouver: $26,319,000
- 3001 Wall Street, Vancouver: $49,791,000
- 250 Taylor Way, West Vancouver: N/A (Part of Park Royal Shopping Centre)
- 11142 15th Street NE, Calgary: $17,820,000
- 803 - 64th Avenue SE, Calgary: $19,180,000
- 2883 Sunridge Way NE, Calgary: $18,110,000
- 11 Royal Vista Link NW, Calgary: $20,470,000
Industry sources STOREYS spoke to said they believed the transaction was finalized in recent weeks. The transaction has since become reflected on QuadReal's website, which links to Maple Leaf Self Storage and also states its portfolio consists of 15 properties in Metro Vancouver and Calgary.
QuadReal Property Group's sel storage portfolio at a glance. / QuadReal
QuadReal's website also notes that discounts are available for students, seniors, and Canadian Armed Forces members, in addition to incentives for referrals and long-term contracts. Units are available on both short- and long-term bases, with the option of transferring leases to other units at any time. The facilities feature 24-hour digital recording and monitored access.
One industry source indicated to STOREYS that the transaction stands out as being one of the larger investments in self storage — by scale and amount of properties — that has been made by a Canadian pension fund in recent years.
