LifeStorage, L.P., an owner and operator of self-storage facilities, secured a new $300 million acquisition Facility & Term Loan from a consortium led by Citigroup Global Markets Inc. and BMO Capital Markets Corp. together as Joint Lead Arranger, with participation from Raymond James Bank.
LifeStorage will use the financing to support its growth strategy of acquiring premier properties in the top 50 markets across the U.S.Additional terms were not disclosed.
“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, chief executive officer of LifeStorage.
“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.”
LifeStorage acquisition criteria includes location and convenience for customers, property amenities, security, and a retail-like environment.
“Citi is proud to support the LifeStorage team as it executes its strategy to become the leading brand in the self-storage industry,” said Matthew Greenberger, Managing Director, Real Estate and Lodging Corporate and Investment Banking at Citi.
“Through our partnership, we are excited to help LifeStorage continue its strong growth plan and its efforts to provide an industry-leading customer experience.”
In October 2014, TPG Real Estate, the real estate platform of TPG, a global private investment firm invested $120 million in LifeStorage.