StorageVault Canada Inc. closed a C$172.5 million, 10-year debt financing against 12 properties at a 4.23% fixed annual interest rate.

The real estate company said it used the proceeds to lower the amount outstanding under its C$270 million variable-interest credit facility, bringing the debt outstanding on the facility to C$83 million.

StorageVault noted that it worked with BMO, which was the sole lead arranger and sole book runner for the term loan, as well as with CIBC.