Sovran Self Storage Forms Joint Venture for Property Acquisition

Sovran Self Storage Inc., a self-storage real estate investment trust, has formed a joint venture with an affiliate of real estate management firm Heitman LLC to acquire U.S. self-storage properties. The newly formed Sovran HHF Storage Holdings LLC will buy up to $350 million worth of self-storage real estate nationwide.
 
Sovran will hold a 20 percent stake in the joint venture and Heitman an 80 percent stake. Sovran will manage the properties, which will be branded under its “Uncle Bob’s Self Storage” name, and receive a fee for its services. The company said the deal allows it to expand in its current markets and into new regions
 
Heitman is a Chicago-based real estate investment trust with $23 billion of assets under its management. Sovran, based in Buffalo, N.Y., operates 359 self-storage facilities in 22 states.