GLENDALE, CA-Public Storage, a public REIT that primarily owns and operates storage facilities, has secured a $700 million loan with a term of one-year through Wells Fargo Bank. Public Storage plans to use the funds for acquisition and development opportunities as well as for general corporate purposes.

“Given the state of the preferred equity market, we have decided to take advantage of the attractive rate on a short-term bank loan,” says John Reyes, Public Storage SVP and CFO. “Wells Fargo, our bank for over 30 years, once again has supported us with this financing.”

In October alone, Public Storage purchased 44 storage facilities with 2.8 million rentable square feet for $324 million, and is currently in the process of purchasing an additional 44 storage units, which are planned to close in December. The company has also been working to expand its European presence. According to industry sources, funds from the loan could be used to continue overseas acquisition efforts. Although the 88 properties purchased in October and currently under contract were located in the US: California, Colorado, Florida, Georgia, North Carolina, South Carolina, Texas and Virginia.