Sovran to buy LifeStorage in $1.3b deal
Sovran Self Storage has agreed to acquire LifeStorage, a privately owned self-storage operator, for $1.3 billion in an all-cash deal. LifeStorage is the sixth largest private owner and operator of self-storage facilities in the United States, currently operating 92 self-storage properties in nine states. Upon completion of the acquisition, Sovran will own 84 LifeStorage stores with a purchase contract for three additional certificates of occupancy deals to be delivered late 2016 and early 2017. The newly acquired facilities are expected to strengthen the REIT’s strategic position in its existing markets, including the addition of 25 facilities in Chicago, 19 facilities in Texas, and three each in Orlando and Los Angeles. The acquisition also will mark the Sovran’s entrance into several new markets, including Northern California (10 facilities) and Las Vegas (17 facilities).