The deal brings the number of self-storage facilities in Global’s portfolio to 11
January 11, 2017:
Founded in 1983, Global Self Storage Inc, a self-storage
real estate investment trust has completed its acquisition of two self-storage facilities and a commercial property from Tuxis. Global has already submitted permits to redevelop and expand the Millbrook facility.
According to a press release, the company agreed to pay $6.9 million, which includes $5.925 million in cash and $975,000 in common stock. An additional $900,000 in cash is conditional based on expansion and redevelopment approvals and other factors.
“The addition of these stores is expected to have an immediate accretive impact on our property revenues, net operating income and funds from operations,” Winmill said. “The expansion opportunity at the Millbrook property has the potential to further increase the store’s revenues and net operating income.”