Through its publicly held real estate investment trust (REIT) affiliate CPA: 17 Global, self-storage investor W. P. Carey & Co. LLC has acquired five self-storage facilities across Alabama (1), Louisiana (1) and Mississippi (3) for approximately $17 million. The acquisition comprises approximately 385,000 square feet.
The properties will be rebranded under the CubeSmart name and managed by the self-storage REIT’s property-management division.
"The addition of these assets adds both diversity and further stability to our portfolio, in line with our objective of providing consistent long-term income and is a strong addition to our managed funds," said W. P. Carey President and CEO Trevor Bond.
W. P. Carey Executive Director Liz Raun Schlesinger added, "We believe that adding these seasoned assets while retaining the experienced CubeSmart management team will enhance the value and stability of this investment. We know the CubeSmart management team well and look forward to working with them to maximize the value of these assets for our investors."
W. P. Carey & Co. LLC is an investment-management company that oversees a global investment portfolio of $12 billion. It provides companies worldwide with long-term sale leaseback and build-to-suit financing, and engages in other types of real estate-related investment.
CubeSmart owns or manages 481 self-storage facilities across the United States and operates the CubeSmart Network, which consists of approximately 825 additional self-storage facilities.