Sovran Inks $1.3B Deal for LifeStorage

An Uncle Bob’s facility in Chicago; the merger with LifeStorage will increase Sovran’s footprint in that market.

BUFFALO—Sovran Self Storage Inc. said Thursday that it had agreed to acquire privately owned LifeStorage LP for $1.3 billion in cash. Separately, the Buffalo-based REIT said it had launched a common stock offering to help fund the acquisition, which is expected to close in the third quarter.

The deal will add 84 of Roseville, CA-based LifeStorage’s 92 properties to the Sovran portfolio, currently numbering about 500 owned and/or operated properties. It also opens up a number of new markets for Sovran, which operates under the Uncle Bob’s Self Storage brand; these include Northern California and Las Vegas. The REIT’s positions in existing markets such as Chicago and the major Texas cities will also be strengthened.