California-based self-storage operator LifeStorage LP has secured $300 million in financing, which it will use to fund future expansion. The acquisition-facility and term loan is through a consortium of lenders led by BMO Capital Markets Corp. and Citigroup Global Markets Inc., with participation from Raymond James Bank, according to a LifeStorage press release.
LifeStorage will pursue self-storage acquisitions in the top 50 U.S. markets, company officials said. “This new financing builds on our excellent momentum and provides us with additional flexibility to continue adding best-in-class, institutional-quality properties to our portfolio opportunistically,” said Mark Good, LifeStorage CEO. “We are committed to building a brand that resonates with consumers by offering the very storage experience and top-notch customer service expected in a premier facility.”
To select properties for acquisition LifeStorage examines a series of criteria including property amenities, location, retail environment and security, the release stated.
“Through our partnership, we are excited to help LifeStorage continue its strong growth plan and its efforts to provide an industry-leading customer experience,” said Matthew Greenberger, managing director, real estate and lodging, corporate and investment banking at Citigroup.
Founded in 2011, LifeStorage is headquartered in Roseville, Calif. It currently owns, has under purchase agreement or operates 89 self-storage properties in nine states, with a heavy concentration in the Chicagoland area.
