CubeSmart (CUBE) closes $1.7 billion Storage West portfolio.

CubeSmart (CUBE) announced today that it has closed on the acquisition of the $1.7 billion Storage West portfolio.  The acquisition adds 59 "high-quality assets" located in "the desirable western markets of Southern California (22), Phoenix (17), Las Vegas (13), and Houston (7)."  Financing for the acquisition included a $792 million equity raise and $1.05 billion bond offering, both completed in November.

“We are excited to officially welcome the Storage West stores and the LAACO teammates to CubeSmart’s national platform. This accretive transaction represented a unique opportunity to expand our footprint across these rapidly growing top-40 MSAs,” commented Christopher P. Marr, President and Chief Executive Officer. “I’m proud of our team’s ability to execute on our strategic external growth objectives and look forward to successfully integrating these stores onto our platform.”

CubeSmart is a national owner/manager of self-storage properties with interests in 639 facilities in 24 states and the District of Columbia. The company also manages an additional 612 locations for third-party owners, bringing the total managed portfolio to 1,251 properties.  As of September 30, 2021, CUBE had a total market capitalization of approximately $12 billion.