SmartStop Self Storage REIT to acquire Strategic Storage Trust IV in $370m deal

SmartStop Self Storage REIT and Strategic Storage Trust IV have entered into a definitive agreement to merge in an all-stock transaction, in which SST IV will merge into a newly formed subsidiary of SmartStop, creating a company with a portfolio of 136 wholly owned properties and a combined gross book value of approximately $1.5 billion of self storage assets.

Per the merger agreement, SmartStop will acquire all of the real estate owned by SST IV, consisting of 24 wholly owned self storage facilities located across nine states and 5 joint venture properties in various stages of development located in the Greater Toronto Area. The total SST IV portfolio, including joint venture property estimates at completion of development, represents approximately 22,500 self-storage units and 2.6 million net rentable square feet.

“Combining with SmartStop provides a unique opportunity for SST IV to build on its existing portfolio of high-quality assets, diversifying into a larger