Self-storage real estate investment trust CubeSmart said on Monday it would buy 59 self-storage assets from LAACO Ltd for about $1.69 billion.
LAACO-owned Storage West operates the assets in Southern California, Phoenix, Las Vegas and Houston.
The deal includes about $40.9 million of LAACO debt that will be repaid when the deal closes, or shortly after that, expected in the fourth quarter.
CubeSmart expects to finance the deal through a combination of proceeds from the sale of equity securities and new debt financing.
Self-storage companies rent storage space to people.
Source: Reuters.com