SmartStop Self Storage enters joint venture to invest $54 million in Strategic Storage Canada fund
SMA•SmartStop agreed to invest about CAD 74 million (USD 54 million) in a joint venture fund holding 14 Canadian self-storage properties. The deal includes a 50% general partner stake, about a 34% limited partner stake and CAD 25 million in convertible preferred equity with a 6.5% coupon.
1. Joint venture terms
SmartStop agreed to invest about CAD 74 million in Strategic Storage Canada, a joint venture fund holding 14 Canadian self-storage properties. The investment provides SmartStop with a 50% general partner stake, about a 34% limited partner stake and CAD 25 million in convertible preferred equity with a 6.5% coupon.
2. Expansion and timing
The deal would make SmartStop Canada’s third-largest self-storage operator and expand its footprint to 70 operating properties. SmartStop also secured five-year property management contracts on the fund’s assets and a right of first offer on all fund properties. Closing is targeted for the fourth quarter of 2026, subject to Canadian Competition Act approval and customary conditions.
