Wednesday, Public Storage Canadian Properties (PUB.TO) said it acquired a property in LaSalle, Quebec encompassing 2.56 acres of vacant land for a purchase price of approximately C$1.23 million. The total cost to develop this property into a self-storage facility is expected to be approximately C$9.5 million.
The company said the facility will be managed by Canadian Mini-Warehouse Properties Co., the manager of its other properties, pursuant to a management agreement for a management fee equal to 6% of gross operating revenue of the property.
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