April 2017
To our valued investors:
We are pleased to provide you with this investor update regarding the progress of NationWide Self Storage Trust (“NationWide”).
Our fundraising efforts have been very well received with approximately $13.8mm of the targeted $18mm raised to date. The current subscription price per unit is now $120.
On March 16th, 2017, NationWide took possession of the 1st property (13,000 sqft) located at 1223 East Pender Street and we are scheduled to take possession of a 2nd property (6,666 sqft) located next door at 1235 East Pender Street on April 19th, 2017.
Prior to the acquisition of these two properties NWSS commissioned a feasibility study for the first property initially and then for the combined properties and both studies expressed that the market conditions appear conducive to the construction of a self‐storage facility in this location and that a properly constructed, well managed and professionally marketed self‐storage facility would be a profitable investment situated on the properties.
We are now making application to the City of Vancouver to consolidate these two properties into one address and our plans are to build one self‐storage facility of approximately 60,000 sqft on the consolidated site. Through this property consolidation, the feasibility studies estimate that the facility may be up to 20% more efficient due to operational economies of scale than had we constructed a smaller self‐storage building on the initial 13,000 sqft property alone. As such, this acquisition should be very accretive to investors.
We have appointed BTY Group as project managers and through a competitive bidding process have awarded architecture and Engineering to the CTA Design Group. CTA is very experienced in the self‐storage industry having designed and engineered several modern self‐storage facilities for an industry leader in Western Canada. We have now had several meetings with the City of Vancouver and they have expressed support for our initial design proposal for this location therefore, we are now preparing to make formal application to the City of Vancouver for a building permit.
We hope to be able to commence construction prior to year‐end and be operational toward the end of Q2 of 2018, however, this timing is of course dependent on several factors.
We will provide a further update upon receipt of any new material information or news.
Should you have any questions please contact us at 1.866.688.5750 or info@nationwideselfstorage.ca or visit our website at invest.nationwideselfstorage.ca.
Sincerely,
Hugh Cartwright, Chairman
NATIONWIDE SELF STORAGE TRUST