Mini Mall Storage Properties Closes Largest Inaugural Unsecured Debenture Offering in Canadian Real Estate History
Calgary, AB, Dec. 01, 2025 (GLOBE NEWSWIRE) -- Mini Mall Storage Properties Trust (“Mini Mall”) announced today that it has closed an offering (the “Offering”) of C$450 million aggregate principal amount of Series A senior unsecured debentures and C$300 million aggregate principal amount of Series B senior unsecured debentures (collectively, the “Debentures”), for a total issuance of C$750 million. The Series A Debentures and Series B Debentures mature on December 1, 2028 and December 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% per annum and the Series B Debentures will bear interest at a fixed annual rate of 4.751% 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.
Mini Mall is also pleased to announce that its existing C$525 million revolving credit facility has been converted to an unsecured facility, allowing for greater financing flexibility.
About Mini Mall and Avenue Living Group
Avenue Living Group is a property owner-operator with over C$9 billion in assets under management across 16 states in the U.S. and seven provinces in Canada. The firm’s multi-family division manages more than 22,700 doors throughout the North American heartland. Its self-storage fund, Mini Mall, owns and operates over 10.8 million square feet of self-storage space, while its agriculture fund manages 50,000 acres of farmland. Avenue Living Group focuses on long-term investments in asset classes that impact the lives of everyday North Americans. The firm has strategically built an institutional, proprietary platform that sets it apart from its peers, enabling a customer-centric management model that drives value for its customers, investors, and employees.
Cautionary Statement Regarding Forward-Looking Information
This press release may contain forward-looking statements with respect to Mini Mall including its long-term strategy and the intended use of the net proceeds of the Offering. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, financing and interest rates, general economic and market conditions and other relevant factors. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and, except as required by applicable law, Mini Mall has no obligation to update such statements.
A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
All financial figures are in Canadian dollars.
For more information, please contact:
Tammy Cho
Chief Communications and Marketing Officer
tcho@avenueliving.ca
Tammy Cho Avenue Living tcho@avenueliving.ca
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