May 2, 2025
2024/25 Re-organization
Progress on Fund Reorganization and Municipal Requirements
Following the Special Meeting held this past spring—investors overwhelmingly approved the re-organization of the six Nationwide Funds into two distinct, diversified master Trusts with one holding the 4 self-storage properties and the other holding the 4 car wash properties. Since stakeholder approval was attained, management has been diligently collaborating with our legal, engineering, and architectural teams, as well as with the relevant municipalities, to implement this stratification of the properties with a view to completing this strategic transformation as quickly and efficiently as possible.
As previously discussed, a key pre-requisite for the re-organization is the formal stratification of the self-storage and car wash assets. As our legal team progressed through this process, unexpected municipal requirements arose. Specifically, the City of Vancouver mandated a new Building Permit application, despite the building being only 1.5 years old. This new permit requires compliance with the latest building codes and conversion to an air space strata. Similarly, the City of Kamloops has also required building upgrades and a new permit to meet current code standards.
Despite our efforts, we were unable to persuade either municipality to waive these requirements. Consequently, we are now proceeding with the necessary permit applications and air space stratification to remain compliant and on schedule. We understand these developments were unforeseen and have required significant effort and coordination.
We are working tirelessly to navigate this process and complete the reorganization as swiftly as possible. We apologize for these additional delays at the hands of the Municipalities but throughout, we remain committed to efficiently managing all eight businesses and maximizing both revenue and value for our investors.
To continue reading the remainder of the May 2, 2025, click here 2025_Storage_update.
Sincerely,
Hugh Cartwright
Trustee of the Trust, Chairman and Director of the Administrator
NationWide Self Storage
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