SmartStop Announces Joint Venture with Canadian REIT to Build Self-Storage Facilities
TORONTO, ONTARIO–(Feb. 23, 2017) – SmartStop Asset Management, LLC (SmartStop), a diversified real estate company, announced today that it has signed a letter of intent to enter a joint venture with Smart Real Estate Investment Trust (SmartREIT) (TSX: SRU.UN), one of Canada’s largest real estate investment trusts, to build and co-own rental self-storage facilities in Canada.
The joint venture allows SmartStop the strategic opportunity to expand its existing 12-property Toronto-based portfolio to other major metropolitan areas across Canada. Thus far, two Greater Toronto Area locations have been confirmed with plans to develop additional properties expected in the coming months. The facilities are expected to range in size from 75,000 to 125,000 square feet, with some of the locations including leasable retail space.
“We are excited to partner with one of the largest Canadian REITs to expand our SmartStop® Self Storage footprint,” said H. Michael Schwartz, founder and chief executive officer of SmartStop. “Our existing online marketing expertise, institutional management and revenue optimization systems will help contribute to strategic growth for both SmartStop and SmartREIT.”
SmartREIT CEO Huw Thomas added, “This joint venture is a logical step as we continue to expand our shopping centers and unlock value in under-utilized parcels of land within our portfolio. We are excited to enter this partnership with SmartStop, a leader in the self-storage industry with the proven expertise and track record to expand across Canada.”
About SmartStop Asset Management, LLC (SmartStop)
SmartStop is a diversified real estate company focused on self storage assets, along with student and senior housing. The company has a managed portfolio that currently includes approximately 70,000 self storage units and approximately 8 million rentable square feet and approximately $1 billion of real estate assets under management. The company is the asset manager for 108 self storage facilities located throughout the United States and Toronto, Canada and one student housing facility.
SmartStop is the sponsor of Strategic Storage Trust II, Inc. and Strategic Storage Growth Trust, Inc., both public non-traded REITs focusing on self storage assets. The facilities offer affordable and accessible storage units for residential and commercial customers. In addition, they offer secure interior and exterior storage units as well as outside storage areas for vehicles, RVs and boats. Additional information is available at www.smartstopassetmanagement.com and more information about SmartStop® Self Storage in Canada at smartstop.ca.
SmartREIT is one of Canada’s largest real estate investment trusts with total assets in excess of $8.7 billion. It owns and manages 32 million square feet in value-oriented, principally Walmart-anchored retail centers, having the strongest national and regional retailers as well as strong neighborhood merchants. In addition, SmartREIT is a joint-venture partner in the Toronto and Montreal Premium Outlets with Simon Property Group. SmartREIT is now expanding the breadth of its portfolio to include residential (condominium and rental), office, and self-storage, either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to its existing shopping centers. SmartREIT’s core vision is to provide a value-oriented shopping experience in all forms to Canadian consumers and to create high quality mixed use developments in urban settings.
With SmartREIT’s 2015 acquisition of SmartCentres, SmartREIT has transformed into a fully integrated real estate provider. SmartREIT and SmartCentres have had a long and successful alliance, helping to provide Canadians with value-focused retail shopping centers across the country. Now, the alliance has grown even stronger, the result is a fully integrated real estate provider with expertise in planning, development, leasing, operations and construction – all under one roof. For more information on SmartREIT, visit www.smartreit.com.
SmartStop Asset Management, LLC
10 Terrace Rd.
Ladera Ranch, CA 92694
T: (949) 429.6600
F: (949) 429.6606