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SmartStop Self Storage REIT Merges with Strategic Storage Trust IV in $370M Deal
The consolidated portfolio consists of approximately 22,500 storage units 

March 22, 2021: SmartStop Self Storage REIT Inc. (SSSR), merged with Strategic Storage Trust IV Inc. (SST IV), a public non-traded REIT it sponsors through its indirect subsidiary SmartStop REIT Advisors LLC. The consolidated portfolio after the merge consists of approximately 22,500 storage units and six joint-venture properties. 

Robert A. Stanger & Company, Inc. served as financial advisor and Venable LLP represented as legal counsel to the SmartStop special committee, while Nelson Mullins Riley & Scarborough LLP served as legal counsel to SmartStop. KeyBanc Capital Markets Inc.  represented as financial advisor and Bass, Berry & Sims PLC served as legal counsel to the SST IV special committee. 

The merger will help the companies to better positions the combined company to execute on future growth plans. The merged companies have already recognized potential cost savings, as it simultaneously closed a $500 million credit facility. Schwartz said. “With the power of the SmartStop Self Storage platform and the tremendous team behind it, we believe the combined company will generate strong future risk-adjusted returns for our shareholders.” Schwartz added.

In addition to SST IV, SSSR sponsors other private programs through SmartStop REIT Advisors. It has about $1.7 billion of real estate assets under management, including an owned and managed self-storage portfolio of more than 148 properties in 19 states and Toronto. The portfolio comprises approximately 11.2 million net rentable square feet.

Source: https://www.insideselfstorage.com/reits/smartstop-self-storage-reit-merges-strategic-storage-trust-iv-370m-deal