CubeSmart (CUBE) to acquire $540 million portfolio in NYC.

CubeSmart (CUBE) announced today that it has reached agreement to acquire a portfolio of eight storage properties located in Brooklyn, Queens, and the Bronx, NY for $540 million.  The portfolio is currently fee-managed and branded by CubeSmart, resulting in minimal expected integration risk.  The company said that consideration for the purchase would include $202 million in cash, $184 million of operating partnership units, and the assumption of approximately $154 million of fixed-rate secured debt.  The transaction is expected to close in the fourth quarter.

CubeSmart (CUBE) is a national owner/manager of self-storage properties with interests in 610 facilities in 24 states and the District of Columbia. The company also manages an additional 636 locations for third-party owners, bringing the total managed portfolio to over 1,240 properties.  As of June 30, 2020, CUBE had a total market capitalization of approximately $7.2 billion.


10/27/2020