CubeSmart announced that it has entered into an agreement to acquire 100% of the outstanding partnership units of LAACO, the owner of the Storage West platform, for approximately $1.69 billion.
The deal includes approximately $40.9 million of LAACO debt that will be repaid at, or shortly after, the closing. Storage West is the owner and operator of 59 self-storage assets in Southern California, Phoenix, Las Vegas and Houston. Two of these properties are owned by two separate joint ventures, each owned 50% by LAACO.
CubeSmart CEO Christopher Marr notes that the portfolio it is acquiring complements the REIT's existing holdings. The properties are all in top-40 MSAs that represent key growth markets, he said in prepared remarks.
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