The StoreWest Bluebird Self-Storage Development Fund (“The Fund”) is off to a fantastic start. 3projects have begun construction, 4-6 projects have the potential to begin construction by next spring, and new opportunities are being presented to us on a weekly basis. We are very happy with the pace of progress thus far.
The Fund’s investment objective is to achieve capital appreciation through the development and sale of Class A self-storage projects across Canada.
ICM Bluebird Canadian Self Storage LP (“Fund”) was launched in December 2022 to invest in the consolidation and acquisition of a portfolio of self storage facilities across Canada.
Please click the link below and download the video to view the full presentation.
https://www.dropbox.com/s/ggt8pngi9n2un06/ICM%20BB%20Self-Storage%20Zoom%20Presentation.mp4?dl=0
We are pleased to report to our Investors with this summary of the Bluebird Storage
facilities that are currently in operation, as well as the two facilities that are
currently in the construction phase. The deal pipeline currently holds several more
facilities and development locations, including Class ‘A’ opportunities in the interior
of British Columbia, Saskatchewan, Manitoba and Ontario (Greater Toronto Area).
Please click the below link to read the full report:
We are pleased to report to our Investors with this summary of the Bluebird Storage
facilities that are currently in operation, as well as the two facilities that are
currently in the construction phase. The deal pipeline currently holds several more
facilities and development locations, including Class ‘A’ opportunities in the interior
of British Columbia, Saskatchewan, Manitoba and Ontario (Greater Toronto Area).
Please click the below link to read the full report:
We are pleased to report to our Investors with this summary of the Bluebird Storage
facilities that are currently in operation, as well as the two facilities that are
currently in the construction phase. The deal pipeline currently holds several more
facilities and development locations, including Class ‘A’ opportunities in the interior
of British Columbia, Saskatchewan, Manitoba and Ontario (Greater Toronto Area).
Please click the below link to read the full report:
Bluebird Storage Management continues to focus on increasing revenues and the overall economic occupancy for Henri Bourassa. The Montreal market has proven to be very strong with current occupancy levels still around 90% despite aggressive rate increases at the facility.
Management continued to implement rent increases throughout 2021 and focus on growing revenue. From January 2021 to December 2021 the monthly income grew from $103,037 to $127,118. This represents a 23.4% increase in monthly revenue over the course of the year.
As noted below, the growth trend has continued in 2022 with monthly rents now over $130,000 per month even though we have not hit prime rental season.
Management recently signed a commitment letter to refinance Henri Bourassa. The new lending facility is expected to reduce our overall cost of borrowing while also freeing up significant capital to enable a distribution for investors. The GP is working hard to finalize the lending so we can announce details about the potential distribution. Management is also looking at different exit opportunities for the LP over the short to medium term (storage and/or development sale).
Occupancy remains strong in our two facilities in Nova Scotia. When you combine the two reports below, the percentage of units rented between the two facilities is 89.6%. If you look at the square footage, we are currently leasing out 94% of all space available. This is considered quite high for storage and Wright in particular is in need of more space with over 97% of available area currently rented!
2021 was a solid year for both facilities. Our revenue for the year was $1,631,116 over 10.5 months of operation with monthly revenues increasing 10-20% over the course of the year. The Q1 numbers, as noted below, show this growth trend continuing with $500,000 of revenue in the first quarter of 2022. This puts Wright-Parkway on track to surpass $2M in revenue for 2022.
Management is now looking at expansion options for the Wright facility. This expansion could add 4 to 6 stories and up to 60,000 Sq Ft of much needed space to this facility. Management believes the net gain in value for Wright from such an expansion could be significant