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Sovran Self Storage has completed its purchase of LifeStorage for $1.3B. The new combined company has 650 self-storage facilities in 29 states.
In order to acquire the company, Sovran decided to sell off 6.9 million shares of common stock, which netted $665.3M, and took out $600M in 10-year notes, Commercial Property Executive reports. The company will rebrand itself as LifeStorage.
The self-storage business is faring well, having brought in $31.6B in revenue in 2015. Experts project the industry will see $32.7B in revenue this year, a 3.4% boost. [CPE]
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