Strategic Storage Growth Trust Inc. advised its stockholders to reject MacKenzie Capital Management LP's unsolicited attempt to acquire an up to 1.9% stake in the self-storage real estate investment trust at a price of $10 per share.

According to the REIT, MacKenzie Capital is attempting to capitalize on the temporary suspension of the company's share redemption program through the offer. It added that stockholders could receive over 20% more than MacKenzie Capital's offer if stockholders approve the $12-per-share takeover proposal of Strategic Storage Trust II Inc., which was unanimously recommended and approved by the targeted trust's board.

Strategic Storage Growth also warned its stockholders that it cannot verify if MacKenzie Capital has the funds to cover the cost for the acquisition of shares that may be tendered for the offer, which was noted to be about 16% less than the current $11.58-per-share estimated value of its common stock.

The merger deal between the two Strategic Storage trusts was signed earlier in October. It reflects an aggregate value of approximately $340 million, including current outstanding debt to be assumed or repaid.