We are pleased to provide you with the following update regarding the progress of NationWide Self Storage Trust (“NationWide I“).
The NationWide I investment program was well received by the capital markets and closed on approximately $17mm on April 28, 2017 which, based on the property acquired and the construction budget, meets our capital requirements.
We have successfully completed the consolidation of the two properties and our address for the self-storage facility will be 1223 East Pender Street.
As well, over the past several months we have been working closely with CTA Design Group, who have been engaged by NationWide I to provide both Architectural and Engineering services (CTA is experienced in designing and engineering several other multi-level urban self-storage buildings) and we have now made application and payment to the City of Vancouver for our development permit.
To date, this development permit application is in line with our original budget and projected timing for such application.
At this stage, we are now in a holding pattern as we will be required to wait for review and comments from the city before furthering the development process.
We will provide a further update upon the receipt of any further material information.
Best regards,
Hugh Cartwright, Chairman
NATIONWIDE I SELF STORAGE TRUST
hugh@NationWideSelfStorage.ca
tel: 604.630.7020