Sovran Self Storage To Acquire LifeStorage - Quick Facts

(RTTNews) - Sovran Self Storage, Inc. (SSS) announced a definitive agreement to acquire LifeStorage, LP, a privately-owned self storage operator, for a gross aggregate purchase price of approximately $1.3 billion. LifeStorage, LP based in Roseville, California, is the sixth largest private owner and operator of self storage facilities in the U.S., currently operating 92 self storage properties in nine states.

Sovran has secured $1.35 billion in bridge financing to provide certainty of closure, but the company intends to permanently finance the transaction with proceeds from contemplated equity and debt offerings. Sovran has commenced a public offering of 6 million shares of common stock. Net proceeds from the offering will be used to partially fund the announced acquisition of LifeStorage, LP.