Strategic Storage Trust VI, Inc. and Strategic Storage Growth Trust III, Inc. to Combine in All-Stock Merger
Merger to Combine Two SmartStop-Sponsored REITs
New portfolio comprised of 37 wholly owned properties, eight joint ventures, and beneficial ownership interest in three DST programs
Strategic Storage Trust VI, Inc. ("SST VI" or the "Company"), a publicly registered non-listed real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. ("SmartStop") (NYSE: SMA), and Strategic Storage Growth Trust III, Inc. ("SSGT III"), a private REIT also sponsored by an affiliate of SmartStop, announced today that the companies have entered into a definitive agreement and plan of merger by which SST VI will acquire SSGT III in an all-stock transaction (the “Merger”). The transaction brings together two SmartStop-sponsored REITs, and the combined company is expected to have a total asset value of approximately $1.2 billion.
Under the terms of the agreement, SST VI will acquire all of the real estate owned by SSGT III, consisting of 12 wholly owned self-storage facilities located across four states and three Canadian provinces, comprising approximately 9,215 self-storage units and approximately 1.0 million net rentable square feet. SST VI will also acquire SSGT III’s 50% equity interest in three unconsolidated real estate ventures in British Columbia and Québec, held with subsidiaries of SmartCentres Real Estate Investment Trust, an unaffiliated third party. These consist of one operating self-storage property in Laval, Québec and two parcels of land in Victoria and New Westminster, British Columbia, being developed into self-storage facilities, with estimated completion in 2027. In addition, SST VI will acquire SSGT III’s beneficial interests in three Delaware Statutory Trust ("DST") sponsored programs comprising eight self-storage facilities across five states, representing approximately 5,370 units and approximately 694,800 net rentable square feet.
