SmartStop Self Storage REIT Inc., a self-managed and fully integrated non-traded real estate investment trust, announced that its affiliates, Strategic Storage Trust VI Inc. and Strategic Growth Trust III Inc., have acquired an eight-facility self-storage portfolio in the Greater Toronto area totaling approximately 7,400 units and 758,000 rentable square feet. The SmartStop affiliates reportedly acquired the portfolio for the equivalent of $228 million.
SmartStop says the properties are all Class-A facilities located across Ontario in Toronto, Mississauga, Burlington, Hamilton and Vaughan. The company says this portfolio acquisition exemplifies a very active past twelve months for SmartStop in Canada, having added 14 operating self-storage facilities across Canada either within SmartStop or the managed REITs for more than $340 million.
“I firmly believe that our recent expansion in Canada is a pivotal move that perfectly demonstrates our vision for strategic growth,” said H. Michael Schwartz, chief executive officer of SmartStop. “With these Class A facilities, we are bolstering our commitment to serving the Canadian market, while addressing a significant demand for purpose-built self-storage in the thriving Greater Toronto Area. Our commitment to expansion in Canada remains unwavering, and we look forward to further contributing to the communities we serve.”
SmartStop is a self-managed REIT with an owned or managed portfolio managing 192 operating properties in 22 states and Canada, comprising approximately 135,000 units and 15.2 million rentable square feet.