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BUFFALO-Sovran Self Storage Inc., an equity REIT headquartered here, said Monday it has entered into lease agreements to rebrand and operate New York City metro area four self-storage facilities formerly operated under the Westy Self Storage brand. The company has an option to buy all four for an aggregate of $120 million between February 2015 and September 2016.

Under terms of the off-market deal between Sovran and Westy, Sovran is required to make annual lease payments of $6 million, with a provision for annual increases of 4% per year. The four properties, which will operate under the Uncle Bob’s Self Storage brand, have been leased for 15 years.

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