LifeStorage Adds Value for Customers

LifeStorage, an owner, acquirer, and operator of premier self-storage facilities, wants to add value for its loyal customer base.

As a result, LifeStorage announced it has secured a $120 million investment from TPG Real Estate.

“We are excited about our partnership with TPG and are poised to quickly lever its deep real estate and operational expertise to accelerate our growth strategy by expanding our portfolio of premier storage facilities,” 

LifeStorage CEO Mark Good said in a release. “We are committed to delivering the very best storage solutions and TPG provides us the flexibility to invest in high-quality facilities at locations that add value for our portfolio and customers.”

LifeStorage will use TPG’s investment to support its acquisition strategy in the top 50 markets across the U.S., as the company continues to scale successfully.

“Not only is there strong continued demand for self-storage, but the industry also remains very fragmented, which should provide opportunities for further consolidation and attractive follow-on acquisitions,” Avi Banyasz, partner and co-head of TPG Real Estate, said. “Mark and his team have built a leading self-storage company in LifeStorage, and we are excited to be a partner in the company's continued success.”

LifeStorage also announced that Jasper Ridge Partners has made a follow-on investment in the company. The investments supplement LifeStorage’s recently announced $100 million revolving line of credit secured from Citigroup Global Markets.

LifeStorage clusters its facilities in strategic locations, enabling the company to offer convenient and diverse storage options. LifeStorage has rigorous selection criteria for acquiring facilities, including property amenities, high security standards, and a retail-like environment that is clean and brightly lit, to create an excellent customerexperience.

Founded in 2011, LifeStorage is headquartered in Roseville, CA. The company currently owns, has under purchase agreement and operates 78 properties in nine states.

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