National Storage Affiliates Picks Up iStorage Portfolio, Platform

The iStorage portfolio, including this facility in Ellenwood, GA, encompasses more than 36,000 storage units.

GREENWOOD VILLAGE, CO—National Storage Affiliates Trust has forged a joint venture with a major state pension fund advised by Heitman Capital Management to acquire the iStorage portfolio for about $630 million. Separately, the Greenwood Village, CO-based self-storage REIT has agreed to acquire iStorage’s property management platform and the iStorage brand.

A subsidiary of NSA has agreed to contribute approximately $80 million in cash funded from its revolving line of credit in exchange for a 25% ownership interest in the unconsolidated JV, while the pension fund, the identity of which was not disclosed, has agreed to contribute approximately $240 million in cash in exchange for a 75% ownership interest in the JV. Both parties have also agreed to commit up to an additional $100 million in equity to fund jointly approved acquisitions in the future.