CubeSmart Announces Closing of the Storage West Acquisition

CubeSmart Announces Closing of the Storage West Acquisition

Written by Customer Service on . Posted in Mergers And Acquisitions.

MALVERN, Pa., Dec. 09, 2021 (GLOBE NEWSWIRE) — CubeSmart (NYSE: CUBE) announced today that it has closed on the previously announced acquisition of LAACO, LTD., the owner of the Storage West self-storage platform. With this acquisition, CubeSmart has added 59 high-quality assets to its portfolio in the desirable western markets of Southern California (22), Phoenix (17), Las Vegas (13), and Houston (7). Two of the properties in Southern California are owned by separate joint ventures, of which CUBE now owns a 50% interest.

“We are excited to officially welcome the Storage West stores and the LAACO teammates to CubeSmart’s national platform. This accretive transaction represented a unique opportunity to expand our footprint across these rapidly growing top-40 MSAs,” commented Christopher P. Marr, President and Chief Executive Officer. “I’m proud of our team’s ability to execute on our strategic external growth objectives and look forward to successfully integrating these stores onto our platform.”

A presentation further detailing the strategic benefits of the transaction is available on the Investor Relations section of the Company’s website. The acquisition was funded using the net proceeds from a combination of capital raising transactions, including the Company’s recent offerings of 15,525,000 common shares, $550 million of unsecured senior notes due in 2028, and $500 million of unsecured senior notes due in 2032.

About the Company

CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 1,251 self-storage properties across the United States. According to the 2021 Self Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the U.S.

The Company’s mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers through innovative solutions, unparalleled service, and genuine care. The Company’s self-storage properties are designed to offer affordable, easily accessible, and, in most locations, climate-controlled storage space for residential and commercial customers.

For more information about business and personal storage or to learn more about the Company and find a nearby storage facility, visit www.cubesmart.com or call CubeSmart toll free at 800-800-1717.

Company Contact:
CubeSmart
Josh Schutzer
Vice President, Finance
610-535-5700

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.