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CLEVELAND-U-Store-It has closed on its first post-IPO acquisition. The newly public self-storage REIT paid $184 million for the Metro Storage portfolio of 42 facilities totaling 2.6 million rentable sf.U-Store-It, which went public last week, utilized a portion of its proceeds from the IPO to fund the transaction. The agreement with Lake Bluff, IL-based Metro Storage LLC to acquire the portfolio preceded the IPO.The properties are located in five states: Illinois, Indiana, Florida, Ohio and Wisconsin. They were 83.6% occupied as of June 30. Due to the “quiet period” related to its IPO, the company declined additional comment.The acquisition takes U-Store-It owned and managed portfolio to 197 self-storage facilities in 21 states totaling 12.5 million rentable sf. According to the Self-Storage Almanac, U-Store-It Trust is the sixth largest owner and operator of self-storage facilities in the US. The company went public on Oct. 22, raising a less-then-expected $400 million. The 25 million shares issued were priced at $16 as opposed to its previously announced estimated range of between $17 and $19 per share. In afternoon trading Thursday, the company’s share price stood at $16.62.

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