A Strategic Storage Trust holdingLADERA RANCH, CA–Strategic Storage Trust II and Strategic Storage Growth Trust — two public non-traded REITs that focus on the self-storage space and are sponsored by SmartStop — are merging in a $340 million transaction. Under the agreement, SST II will pay SSGT's stockholders a purchase price of $12.00 per share in cash. The merger agreement was negotiated on behalf of SST II by an independent special committee of SST II's board of directors, which was formed to conduct a review of the merger. The merger remains subject to the approval of SSGT's stockholders, as well as other customary closing conditions.
Once the deal closes, SST II will acquire all of the real estate owned by SSGT, which consists of 28 self storage facilities in 10 states and in the Greater Toronto Area. This portfolio totals 19,300 self storage units and approximately 2.1 million net rentable square feet of storage space. SST II will obtain the rights to acquire two self storage facilities currently under contract with SSGT.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
