LADERA RANCH, California, September 20, 2022–(BUSINESS WIRE)–Strategic Storage Trust VI, Inc. (“SST VI”), a public real estate investment trust sponsored by a subsidiary of SmartStop Self Storage REIT, Inc. (“SmartStop”), today announced it has acquired an approximately 890-unit self-storage facility in Burlington, Ontario, Canada. This is the 15thth Acquisition for SST VI and the third acquisition in the Toronto Market. Since the launch of SST VI in Q1 2021, the REIT has acquired approximately $233.1 million in self-storage facilities and land to be upgraded to self-storage.
This 15 acre lot is located just off of downtown Burlington on Plains Road East. The facility includes approximately 92,400 square feet of rental space in a mix of air-conditioned, drive-up and indoor units. This site is adjacent to a proposed 3.85-acre multi-tower high-rise residential and commercial development. It is easily accessible and visible from the QEW and is well positioned to serve the Maple, Freeman, Aldershot and LaSalle neighborhoods.
“We are excited about this strategic acquisition that will expand our footprint in the greater Toronto area and provide best-in-class storage solutions for Burlington’s growing residential population,” said H. Michael Schwartz, CEO and President of SST VI. “Our strong competitive position and unique operational capabilities in this highly attractive market will continue to add value to shareholders.”
About Strategic Storage Trust VI, Inc. (SST VI):
SST VI is a Maryland corporation intending to qualify as a REIT for federal income tax purposes. SST VI’s primary investment strategy is to invest in income producing and high growth self-storage facilities and related self-storage real estate investments in the United States and Canada. As of September 20, 2022, SST VI has a portfolio of 13 operational properties in the United States comprising approximately 8,000 units and 840,000 rentable square feet; an approximately 890-unit property with 92,400 leasable square feet in Toronto, Ontario; and joint venture interests in two development properties in Toronto, Ontario.
About SmartStop Self Storage REIT, Inc. (SmartStop):
SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 450 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, is the sponsor of SST VI and also sponsors other self-storage programs. As of September 20, 2022, SmartStop has an owned or managed portfolio of 175 operating properties located in 22 states and Ontario, Canada, comprising approximately 120,000 units and 13.6 million rentable square feet. SmartStop and its subsidiaries own or manage 20 operating self-storage properties in the greater Toronto area totaling approximately 17,050 units and 1.7 million rentable square feet. For more information about SmartStop, visit www.smartstopselfstorage.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220920006245/en/
Vice President of Corporate Finance
SmartStop Self Storage REIT, Inc.