Acquires First Self Storage Property in Metro Vancouver

Prime Group Holdings, LLC (together with its affiliates, “Prime Group”), a vertically-integrated private equity real estate firm, today announced the firm’s first investment in the British Columbia market with the acquisition of a self storage property in the inner Vancouver suburb of Burnaby, British Columbia. The acquisition was made by the firm’s investment vehicle, Prime Storage Fund III, LP. The transaction follows Prime Group’s recent acquisition of its first Canadian self storage property in the Edmonton suburb of Sherwood Park, Alberta.

Located just east of Vancouver, the 1,018-unit facility is comprised of 67,476 rentable square feet and includes 63 parking spaces. It is visible from and easily accessible to the Trans-Canada Highway. Prime Group will manage the facility, which will operate under the Prime Storage brand.

“We are excited to continue strategically expanding our presence in Canada by bringing our institutional property management and self storage expertise to the attractive British Columbia market,” said Robert J. Moser, Prime Group’s Founder, Principal, and Chief Executive Officer. “The Canadian self storage market is backed by strong demographic characteristics similar to those we see in the United States, however the opportunity for self storage remains meaningfully underdeveloped comparatively. Burnaby is one of the most populous and densely developed cities in British Columbia and one of the most affluent suburbs of Vancouver, yet the market is currently undersupplied. We look forward to continuing to diversify our self storage portfolio with international acquisitions and execute on our strategy across Canada.”

In addition to operating in two Canadian provinces, Prime Group has a sizable presence across the U.S., with facilities spanning 28 states, and the islands of St. Thomas and St. Croix. Prime Group owns and operates 302 self storage assets representing approximately 190,000 storage units and containing over 22.5 million rentable square feet.

About Prime Group Holdings

Prime Group Holdings is a vertically integrated private equity real estate firm focused on self storage and other alternative real estate asset classes, managing assets worth well over $4 billion on behalf of a global institutional investor base. Headquartered in Saratoga Springs, NY, with a regional office in Jupiter, FL and investment origination offices in Denver, CO and Hackensack, NJ, the firm has more than 700 employees, including investment professionals, property managers, an investor reporting team, construction and marketing personnel, and deal-sourcing professionals. For more information, please visit https://www.goprimegroup.com/.

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