SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), a self-managed and fully integrated self-storage company, announced today that its affiliates, Strategic Storage Trust VI, Inc. and Strategic Growth Trust III, Inc. (together “the Managed REITs”), have acquired an eight-facility portfolio in the Greater Toronto Area (GTA) totaling approximately 7,400 units and 758,000 rentable square feet. With the acquisition of these eight facilities, SmartStop now owns or manages 33 operating self-storage properties in Canada, consisting of approximately 3.0 million square feet, making it the fifth largest operator in Canada.
The properties are all Class-A facilities located across Ontario in Toronto (East York and North York), Mississauga, Burlington, Hamilton and Vaughan (Woodbridge). All locations are in desirable high-growth areas with strong demographics, solid household incomes and populations, and excellent visibility. SmartStop plans to bring its innovative approach to these properties with a wide selection of storage products, flexible rental options, and award-winning customer service.
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 over CAD $450 million. This growth was accomplished through development and acquisition and expanded the presence of the SmartStop® Self Storage brand beyond the Greater Toronto Area into new markets, including Vancouver and Edmonton.
“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, CEO 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.”
“Each of these Class A assets represents a unique opportunity for growth and innovation, enabling us to strengthen our presence in this dynamic landscape,” said Bliss Edwards, Executive Vice President of Canada for SmartStop. “We are extremely excited to bring SmartStop’s operational excellence and our best-in-class customer service to both new and existing communities that our properties serve.”
(This news/press release has not been altered by investment.net, apart from the headline, and has been obtained from a syndicated source:- https://www.businesswire.com/news/home/20230615786251/en/SmartStop-Adds-Eight-Self-Storage-Facilities-in-the-Greater-Toronto-Area-for-Approximately-CAD-300-Million)