Jul 12, 2023


Articles & Insights

ICM Bluebird Canadian Self Storage Fund Acquires Eighth Property Since its Fall 2022 Launch

(Calgary, Alberta)ICM Asset Management, on behalf of ICM Bluebird Canadian Self Storage Fund (“ICM Bluebird Storage Fund”) is pleased to announce the acquisition of a class A, multi-storey, climate-controlled self-storage facility located in Mississauga, Ontario – located at 135 Matheson Boulevard (the “Property”). This existing Class ‘A’ Bluebird managed facility is comprised of an original retrofitted office/warehouse building and a new multi-story addition sitting on 1.7 acres within the GTA and features over 100,000 SF of net rentable space and 1,000 storage units.

This is the ICM Bluebird Storage Fund’s eighth acquisition since its launch in late 2022 and its first location in the GTA following a number of transactions in British Columbia, Alberta, and Quebec. “This acquisition is a meaningful milestone as it pushes us over $100 million of gross AUM in the storage fund,” said John Courtliff, CEO of ICM Asset Management. “We believe that the strategy of acquiring newly constructed class A facilities that are yet to be fully stabilized, acquiring underperforming existing facilities, and investing in the development of new facilities uniquely positions the fund to capitalize on active value creation strategies and eventually own the largest portfolio of Class A self-storage assets in large markets across Canada.”

The Property is well located, just off Hurontario St and within 2 kilometres of the 401, 403, and 410 Highways providing easy access to the Greater Toronto Area. In addition, the property is surrounded by dense, established middle-class neighbourhoods like Meadowvale, Britannia, and Mississauga Valley. Additional residential densification is taking place throughout Mississauga, which partially can be attributed to its proximity to Toronto’s central business district. Currently, this sub-market has only 1.2 million SF of self-storage available to its almost 300,000 people, with Matheson providing the only ‘A’ product in the area.

“Mississauga is Canada’s 7th largest city and exhibits strong storage demand from both residential and commercial customers. The GTA is a core market for Bluebird,” said Jamie Bennett, Principal of Bluebird Self Storage. “We have significant experience and a strong track record of operational performance having managed a dozen properties here. Rental activity has roughly doubled in the two years that Bluebird has managed the Matheson property. June was another record month, up nearly 30% from the prior year.”

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