Mini Mall Storage Makes Canadian Real Estate History

Mini Mall Storage Properties Trust has closed an offering of C$450 million (approximately $322.7 USD) aggregate principal amount of Series A senior unsecured debentures and C$300 million (approximately $215.1 million USD) aggregate principal amount of Series B senior unsecured debentures, for a total issuance of C$750 million (approximately $537.7 million USD).

The Series A Debentures and Series B Debentures mature on Dec. 1, 2028, and Dec. 1, 2030, respectively. The Debentures were offered on a private placement basis in each of the provinces of Canada jointly led by RBC Capital Markets and BMO Capital Markets.

“As the largest-ever inaugural unsecured debenture offering by a real estate issuer in the Canadian bond market, this transaction is a milestone we are immensely proud of,” said Anthony Giuffre, Founder and Chief Executive Officer of Avenue Living. “Achieving this within five years of commencing operations is a testament to the strength of our organization and Mini Mall’s commitment to our defensible platform.”

“We are thrilled about this landmark moment at Mini Mall Storage Properties,” said Jason Jogia, Co-Founder and Chief Investment Officer of Avenue Living. “This offering follows the assignment of our investment-grade rating from Morningstar DBRS at BBB (low) with a Stable trend. We are excited to see the exceptional demand we have received from institutional investors, and we remain focused on delivering superior self-storage solutions across North America.” 

The Series A Debentures will bear interest at a fixed annual rate of 4.284 percent per annum and the Series B Debentures will bear interest at a fixed annual rate of 4.751 percent per annum, payable in equal semi-annual installments in arrears on June 1 and December 1 in each year, commencing on June 1, 2026, until maturity, unless redeemed at an earlier date. The Debentures will rank equally with all other unsecured and unsubordinated indebtedness of Mini Mall. The net proceeds from the Offering will be used to refinance existing indebtedness, fund the acquisition of additional properties, and for general corporate purposes.