SmartStop Self Storage REIT, Inc. ( SmartStop )
and Strategic Storage Trust IV, Inc. ( SST IV ) announced today that the companies have closed the previously announced merger, in which SST IV merged into a subsidiary of SmartStop (the Merger ), in an all-stock transaction with a value of approximately $380 million. The Merger positions the combined company to achieve further economies of scale and drive incremental growth as it takes advantage of the benefits of a larger aggregate portfolio.
As a result of the Merger, SmartStop acquired all of the real estate owned by SST IV, consisting of 24 wholly-owned self storage facilities located across nine states and six joint venture properties located in the Greater Toronto Area. The total SST IV portfolio, including joint venture property estimates at completion of development, represents approximately 22,500 self storage units and 2.6 million net rentable square feet. The resulting consolidated portfolio consists of 136 wholly-o
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