SmartStop Self Storage Inc., an owner and operator of self storage facilities, announced that its stockholders approved the acquisition of SmartStop by Extra Space Storage Inc. (NYSE: EXR) at the company’s special meeting of stockholders held on Tuesday. The transaction is expected to close on October 1, 2015.
As previously reported by the The DI Wire, SmartStop, Extra Space, and their affiliates entered into a definitive merger agreement on June 16, 2015. SmartStop agreed to sell certain excluded assets prior to the closing of the merger, including their non-traded REIT platform and certain properties located in Toronto, Canada.
Each outstanding share of SmartStop’s common stock (other than shares owned by SmartStop or Extra Space) will be automatically converted to receive an amount in cash equal to $13.75.
SmartStop Self Storage Inc. is self-storage company that owns and operates 170 self-storage properties in 21 states and Toronto, Canada. The real estate company focuses on acquisition, advisory, asset management and property management services for self-storage properties. SmartStop is the sponsor of Strategic Storage Trust II, a publicly registered non-traded REIT that focuses on stabilized self-storage properties, and Strategic Storage Growth Trust Inc., that focuses on growth-oriented self-storage properties.