US self-storage Reit Extra Space to buy peer for US$1.4b
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Los Angeles
EXTRA Space Storage Inc agreed to buy SmartStop Self Storage Inc, a California-based non-traded real estate investment trust, for about US$1.4 billion to expand its property holdings as the self-storage industry grows.
Extra Space will pay US$1.29 billion, with the remaining US$120 million coming from SmartStop's sale of a California property and interests in seven locations, according to a statement on Monday.
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