TORONTO, April 20, 2021 /CNW/ -- Strategic Storage
Trust VI, Inc. ("SST VI"), a private real estate investment
trust sponsored by an affiliate of SmartStop Self Storage REIT,
Inc. ("SmartStop"), announced today the acquisition of
approximately 2.7 acres of land in the Weston neighborhood of Toronto, Ontario, Canada in a joint venture
partnership with SmartCentres (TSX: SRU.UN). The land will
serve as the development site for an approximately 1,200-unit self
storage facility.
Located at 1480 Jane Street, the planned six storey facility is
expected to encompass nearly 99,000 net rentable square feet of
100% climate-controlled self storage with a mix of drive-up and
interior units. This location provides direct visibility from GO
Train and UPX rail corridor. This facility will serve the
communities of Weston Village,
Keelesdale, Richview, Mt Dennis, Amesbury, Westmount and Royal
York Garden.
"We are excited to announce the eighth development project that
SmartStop and our affiliates have done in partnership with
SmartCentres in the Greater Toronto
Area," said H. Michael
Schwartz, Chairman and CEO of SmartStop. "The Jane Street
property will be a tremendous growth asset for the SST VI
portfolio, in one of the best self storage markets in North America. The Greater Toronto Area serves as a significant
opportunity for further expansion for us and we look forward to a
continued relationship with SmartCentres to help proliferate that
expansion."
"Our strategic alliance with SmartStop has exceeded our initial
projections," said Mitchell Goldhar,
Executive Chairman of SmartCentres. "We are able to generate
recurring income from our existing properties from sources other
than retail, and from new opportunities such as the Jane Street
location. The combination of our locations and development
expertise and SmartStop's expertise in everything related
self-storage, has propelled the partnership program beyond our
expectations."
About Strategic Storage Trust VI, Inc. (SST VI):
SST
VI is a Maryland corporation that
intends to qualify as a real estate investment trust for federal
income tax purposes. SST VI's primary investment strategy is to
invest in income producing and growth self storage facilities and
related self storage real estate investments in the Unites States
and Canada.
About SmartStop Self Storage REIT, Inc.
(SmartStop):
SmartStop is a self-managed REIT with a fully integrated operations
team of approximately 400 self storage professionals
focused on growing the SmartStop® Self Storage brand. SmartStop,
through its indirect subsidiary SmartStop REIT Advisors, LLC, also
sponsors other self storage programs. SmartStop is the
tenth-largest self storage company in the U.S., with
approximately $1.7 billion of
real estate assets under management, including an owned or managed
portfolio of 153 properties in 19 states and Ontario, Canada and
comprising approximately 104,000 units and 11.7 million
rentable square feet. SmartStop and its affiliates own or
manage 17 operating self storage properties in the Greater Toronto Area, which total
approximately 14,300 units and 1.5 million rentable square feet.
Additional information regarding SmartStop is available
at www.smartstopselfstorage.com.
About SmartCentres:
SmartCentres Real Estate
Investment Trust is one of Canada's largest fully integrated REITs, with
a best-in-class portfolio featuring 167 strategically located
properties in communities across the country. SmartCentres has
approximately $10.7 billion in assets
and owns 33.8 million square feet of income producing
value-oriented retail space with over 97% occupancy, on 3,500 acres
of owned land across Canada.
SmartCentres continues to focus on enhancing the lives of
Canadians by planning and developing complete, connected, mixed-use
communities on its existing retail properties. Project 512, a
publicly announced $13.5 billion
intensification program ($7.9 billion
at SmartCentres' share), represents the REIT's current major
development focus on which construction is expected to commence
within the next five years. This intensification program consists
of rental apartments, condos, seniors' residences and hotels, to be
developed under the SmartLiving banner, and retail, office, and
storage facilities, to be developed under the SmartCentres
banner.
SmartCentres' intensification program is expected to produce an
additional 55.4 million square feet (32.5 million square feet at
SmartCentres' share) of space, 27.7 million square feet (16.2
million square feet at SmartCentres' share) of which has or will
commence construction within the next five years. From shopping
centres to city centres, SmartCentres is uniquely positioned to
reshape the Canadian urban and urban-suburban landscape.
Included in this intensification program is the Trust's share of
SmartVMC which, when completed, is expected to include
approximately 11.0 million square feet of mixed-use space in
Vaughan, Ontario. Construction of
the first five sold-out phases of Transit City Condominiums that
represent 2,789 residential units continues to progress. Final
closings of the first two phases of Transit City Condominiums began
ahead of budget and ahead of schedule in August 2020 and all 1,110 units in the first and
second phases have now closed. In addition, the presold 631 units
in the third phase along with 22 townhomes, all of which are sold
out and currently under construction, are expected to close in
2021. The fourth and fifth sold-out phases representing 1,026 units
are currently under construction and are expected to close in
2023.
Contact:
David Corak
VP of
Corporate Finance
SmartStop Self Storage REIT, Inc.
949-429-3331
IR@smartstop.com
SOURCE Strategic Storage Trust VI, Inc.