Colorado self-storage company keeps getting bigger; makes $630M deal

DENVER BUSINESS JOURNAL - National Storage Affiliates Trust, a real estate investment trust that operates self-storage facilities, keeps getting bigger.

The Greenwood Village-based company said it's forming a joint venture to purchase the iStorage self-storage company based in Florida, for $630 million.

National Storage (NYSE: NSA), which went public last year, said it's forming the joint venture "with a major state pension fund," to buy iStorage's 66 properties that contain about 4.5 million square feet, with more than 36,000 storage units in 12 states.

National Storage said that the joint venture will also "commit up to an additional $100 million in equity to fund jointly approved acquisitions in the future."

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