Self-storage REIT Jernigan Capital announced a definitive merger agreement with NexPoint, an affiliate of NexPoint Advisors LP. The REIT will be taken private in a deal valued at approximately $900 million.
The $900 million agreement, which is an all-cash deal, includes debt and preferred stock to be assumed or refinanced. The company said the deal is expected to close in the fourth quarter of 2020. JCAP owns self-storage facilities across the country. According to their website, they also provide debt and equity capital to private developers, owners and operators of self-storage facilities.
The agreement was unanimously approved by JCAP's board of directors. JCAP CEO and chairman John Good says the company "built from the ground up a best in class portfolio of newly constructed Generation V self-storage facilities."
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