SmartREIT, SmartStop Form Self-Storage Partnership
SmartREIT has formed a 50/50 JV with self-storage developer and operator SmartStop Asset Management to build and co-own rental self-storage facilities across Canada. The partnership will enable SmartREIT to intensify its shopping centres with multi-storey self-storage facilities, unlocking value in under-utilized parcels and generating efficient rental income, according to CEO Huw Thomas. There will be leasable retail in certain locations, too. Two GTA locations have been confirmed and plans for others will be unveiled in coming months. California-based SmartStop, making a big push north of the border, will be expanding its 12-property GTA portfolio.