SmartStop Self Storage REIT to acquire Strategic Storage Growth Trust II portfolio for $280m

SmartStop Self Storage REIT, a self-managed and fully integrated self-storage company, and Strategic Storage Growth Trust II (SSGT II), a private REIT sponsored by an indirect subsidiary of SmartStop, have entered into a definitive agreement to merge in an all-stock transaction.  SSGT II will merge into a newly formed subsidiary of SmartStop.

The new company will have a combined portfolio of 150 wholly owned operating properties, representing approximately 11.5 million net rentable square feet and 100,500 units. The transaction will allow the combined company to achieve further economies of scale and potentially create greater value as it takes advantage of the benefits of a larger aggregate portfolio.

Per the merger agreement, SmartStop will acquire all of the real estate owned by SSGT II, consisting of 10 wholly owned, operating self-storage facilities across seven states, an interest in one operating property held through an unconsolidated joint venture with an una