CubeSmart wraps up $1.69B LAACO acquisition

CubeSmart finalized its roughly $1.69 billion purchase of LAACO Ltd.

The self-storage real estate investment trust expanded its portfolio with the addition of 59 assets from the Storage West platform owned by LAACO. The platform comprises 22 self-storage assets in Southern California, 17 in Phoenix, 13 in Las Vegas and seven in Houston. Two of the assets are owned by separate joint ventures, in which CubeSmart now has a 50% ownership interest.

The REIT funded the acquisition in part with net proceeds from its recent common stock and unsecured senior note offerings.