CubeSmart (CUBE) Prices 13.5M Share Offering at $51/sh
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CubeSmart (CUBE) Announces 13.5M Share Offering
November 15, 2021 4:54 PM ESTCubeSmart (NYSE: CUBE), the third-largest owner and operator of self-storage properties in the United States, today announced that it has commenced an underwritten public offering of 13,500,000 of its common shares of beneficial interest, par value $0.01 per share ("Common Shares"). In connection with the offering, CubeSmart has granted the underwriters of the offering a 30-day option to purchase up to an additional 2,025,000 Common Shares. CubeSmart expects to use all of the net proceeds of the offering to fund a portion of the approximately $1.648 billion cash purchase price, plus the payoff of approximately $40.9 million of existing... More
CubeSmart (CUBE) Acquires Storage West Platform for $1.69B
November 15, 2021 4:54 PM ESTCubeSmart (NYSE: CUBE), today announced that it has entered into an agreement to acquire 100% of the outstanding partnership units of LAACO, Ltd. (LAACO), the owner of the Storage West platform for approximately $1.69 billion, which includes approximately $40.9 million of LAACO debt that will be repaid at, or shortly after, the closing. Storage West is the owner and operator of 59 self-storage assets in the highly desired western markets of Southern California (22), Phoenix (17), Las Vegas (13), and Houston (7). Two of these properties are owned by two separate joint ventures, each owned fifty percent by LAACO.
The Storage West portfolio... More
