National Storage Affiliates Trust partners with Heitman for $1.3b self-storage portfolio
National Storage Affiliates Trust has plans to use a portion of the underwritten public offering it previously announced, raising $177 million, in exchange for a 25 percent ownership interest in a joint venture with an affiliate of Heitman Capital Management.
The joint venture was formed to acquire from Simply Self Storage, a portfolio company of a private real estate fund managed by Brookfield Asset Management, two REITs that own a portfolio of self-storage properties for an aggregate purchase price of approximately $1.325 billion.
The portfolio consists of 112 self-storage properties containing approximately 8.7 million rentable square feet, configured in over 68,000 storage units, and located across 17 states and Puerto Rico. Following the closing of the acquisition, the National Storage Affiliates Trust expects to rebrand nearly all of the portfolio under its iStorage brand, and the National Storage Affiliates Trust’s iStorage management platform will operate the