Sovran Self Storage, Inc. Closes on $83 Million of Assets, Expands in Chicago, IL
BUFFALO, N.Y.--(BUSINESS WIRE)-- Sovran Self Storage, Inc. (NYSE:SSS), a self storage real estate investment trust (REIT), announced today the acquisition of 14 self storage facilities and management contracts for two unaffiliated properties.
Uncle Bob's Self Storage operates ten self storage facilities in Chicago, IL. (Photo: Business Wire)
The newly purchased properties include six self storage facilities in Chicago, IL ; four in Southwest Florida; three in Austin, TX; and one in Phoenix, AZ. The stores were acquired via six separate transactions and were funded through advances on the Companys line of credit.
The properties total 960,000 square feet and complement the Companys existing portfolio as all are located in markets in which the Company already has a presence. We had a very busy December closing these transactions, and we are thrilled to bring 14 additional high quality stores into our fold, said David Rogers, Chief Executive Officer. Were especially pleased to have increased our scale and visibility in the Chicago market.
During 2012, the Company acquired a total of 28 stores for its own portfolio at a cost of $190 million. It also added 17 properties via its Uncle Bobs Management platform.
Each of the storage facilities will be rebranded under the Uncle Bobs Self Storage® name and fully integrated into the Companys operating platforms.
About Sovran Self Storage, Inc.
Sovran Self Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. The Company operates 462 self storage facilities in 25 states under the name Uncle Bobs Self Storage®. For more information visit www.unclebobs.com, like us on Facebook, or follow us on Twitter.
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Sovran Self Storage, Inc.
Diane Piegza, Vice President Corporate Communications
Source: Sovran Self Storage, Inc.Copyright Business Wire 2013