Public Storage said that it entered into an agreement to acquire 30 self-storage facilities, many in the Los Angeles area, in a deal valued at $189 million.
The Glendale real estate investment trust said 28 of the facilities are in Los Angeles and surrounding Southern California communities, boosting its market presence in the region by about 20 percent. The remaining buildings are in the Chicago area.
Public Storage, which did not identify the sellers, said the deal includes up to $126 million in debt that it will assume.
The sale of one building closed April 1, and the company expects the rest to be completed over the next several months. The buildings will be rebranded under the Public Storage name.
“This acquisition represents a unique opportunity to acquire well located, urban infill properties throughout the Los Angeles basin,” said David F. Doll, senior vice president. “These facilities complement our existing portfolio and will further enhance our market presence throughout this key market.”
As of the end of 2009, Public Storage owned or has interests in 2,010 Public Storage facilities in 38 states and 188 Shurgard facilities in seven Western European countries.
Shares closed up $1.38, or 1.5 percent, to $93.78 on the New York Stock Exchange.
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