Montcrest Asset Management (formerly known as NYX Capital Corp.) sold its $310 million-dollar self-storage portfolio consisting of ten properties across the Greater Toronto and Hamilton Area and Montreal, Quebec. The portfolio consists of over 7,500 existing rentable units and has more than 3,000 units planned for construction. The income-producing properties were sold to SmartStop Self Storage and Bluebird Self Storage, in conjunction with Storewest Developments, acquired two development properties.
Prior to the sale, Montcrest was a co-developer and the asset manager of the portfolio and oversaw the 1.4 million square feet of planned and developed self-storage. It strategically built Class-A facilities in dense residential and retail neighbourhoods with high demand for self-storage. By executing on its development and leasing plan, Montcrest was able to attract attention from the top self-storage operators and institutional investors in Canada for its properties.
“Despite this large disposition of our active portfolio, we are still interested in this asset class and will pursue any and all new opportunities in the self-storage industry. We believe it was the right time to sell these assets and generate healthy returns for our partners,” said Yashar Fatehi, CEO of Montcrest. “This was the largest disposition our team has accomplished to date, and I am very proud of our team for their professionalism and hard work during this undertaking.”