TORONTO - A U.S. operator of self-storage facilities has taken a 19.6 per cent stake in InStorage Real Estate Investment Trust (TSX:IS) and indicated it may increase its holding and make a takeover bid for Canada's biggest self-storage owner.

Canadian Trading Partners LLC, a creature of Warburg Storagemart Partners LP of Columbia, Mo., has acquired 2.4 million InStorage units from Sentry Select Capital Corp. for $3.75 per unit or a total of $8.9 million.

This raises the Canadian Trading Partners stake to 4.8 million units or 19.6 per cent of InStorage.

"CTP is currently considering offering to acquire additional units but may at any time reconsider and change its plans," Canadian Trading Partners stated Tuesday evening.

It added that its unit-purchase agreement with Sentry Select provides that if CTP makes a takeover bid for all of InStorage within 180 days at a higher per-unit price, it will pay Sentry Select the difference between that higher price and $3.75 per unit.

Trust units in InStorage, which has 52 properties in Alberta, Saskatchewan, Ontario and Quebec, closed Tuesday at $1.65 on the TSX, down from $8.50 a year ago and representing a market value of $40.8 million.

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