StorageMart, which operates more than 240 self-storage properties across Canada, the United Kingdom and the United States, has received new partnership investment from Microsoft co-founder Bill Gates, Singapore sovereign wealth fund GIC Private Ltd. and others. The transaction places a value of $2.7 billion on the business and will allow the company to scale and expand operations, according to a press release.
Gates’ infusion came from Cascade Investment LLC, a private entity of which he’s the only member, the release stated. GIC was established in 1981 to manage Singapore’s foreign reserves. Today, it’s a global, long-term investor with more than $100 billion in assets in more than 40 countries. It invests across a range of asset classes in the public and private markets, according to its website. None of the other investors were identified.
The new investors join majority owner Stanley Kroenke and the Burnam Family as partners. Day-to-day management will continue to be led by Cris Burnam, CEO; Mike Burnam, president and chief investment officer; and Ryan McKenzie, chief financial officer, according to the release.
“Mr. Kroenke’s leadership and support has allowed the company to achieve remarkable success,” said Cris Burnam. “The self-storage sector is rapidly evolving, and companies that can deploy technology, enhanced operations and a truly memorable customer experience are going to outperform. To do this, scale is a fundamental requirement. By combining the forces of Mr. Kroenke and our new partners, GIC and Cascade Investment, StorageMart will be in an unrivaled position to achieve its growth strategies in both current and new markets.”
Founded in 1999 and based in Columbia, Mo., StorageMart is privately owned. It’s been in the storage industry for three generations and operates as a vertically integrated platform that owns, operates and develops self-storage worldwide. Its portfolio consists of more than 15 million square feet of storage. It serves more than 75,000 self-storage customers, and operates in Chinese, English, Punjabi, Quebecois French and Spanish.
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