ICM Bluebird Canadian Self Storage LP (the “Fund”), one of Canada’s leading institutional self-storage investment platforms, announced it has entered into an agreement for a strategic joint venture with SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA), a premier owner and operator of self-storage facilities in the United States and Canada. Under the agreement, SmartStop has agreed to commit up to $300 million in total capital, which is expected to mark a transformative new chapter for the Fund and its investors.
Under the proposed structure, SmartStop will acquire an interest in the Fund’s general partner alongside its multi-year capital commitment that is expected to support acquisitions, capital improvements, and continued portfolio expansion across Canada, positioning the Fund for accelerated growth.
Completion of the proposed joint venture is subject to regulatory approvals, approval of certain existing lenders of the Fund’s subsidiaries and satisfaction of other customary closing conditions.
Upon closing, the Fund is expected to gain access to SmartStop’s industry-leading technology platform, revenue management expertise, and operational scale under a long-term property management agreement, while continuing to benefit from a pipeline of new storage assets developed by StoreWest Developments. The Fund is also expected to continue to be supported by its other funding partners, including Meckelborg Financial Group and ICM Asset Management. The Fund will be renamed “Strategic Storage Canada LP” to reflect the new partnership and the next phase of the Fund’s evolution.
In connection with the Fund’s new joint venture, SmartStop will also assume property management responsibilities, taking over from Bluebird Self Storage (“Bluebird”). Bluebird’s contributions were instrumental in building the Fund into the high-quality institutional platform it is today and in attracting the significant institutional interest that made this transaction possible. In connection with the departure, Bluebird has agreed to acquire interests in several high-quality property-level partnerships spanning multiple Canadian provinces from the Fund and other entities. The Fund thanks Bluebird for their partnership and wishes them continued success.
“This is an exciting day for the Fund and all of its stakeholders” said Roland Schatz, a director of the Fund’s general partner. “As one of the largest self-storage operators in North America, SmartStop’s decision to invest in the Fund is a powerful endorsement of the quality of the portfolio and the strength of what has been built here. We are confident this proposed partnership will unlock the next stage of growth for our investors.”
The joint venture positions the Fund to benefit from SmartStop’s continental scale and expertise in the Canadian self-storage market. SmartStop and its affiliates currently own or manage approximately 70 operating self-storage properties across five provinces in Canada, comprising approximately 59,000 units and 6.0 million rentable square feet.
“Such a substantial investment from SmartStop presents a great opportunity for Fund investors. While it means that Bluebird steps aside, we are proud of the role that we have played in positioning the Fund for future success. Moving forward independently, Bluebird will accelerate its next phase of growth by leveraging its national footprint, development expertise and integrated operating platform, remaining firmly focused on executing its pipeline and creating long-term value for its investors” said Reade DeCurtins, Vice President of Bluebird.
About Strategic Storage Canada LP
Strategic Storage Canada LP is a Canadian limited partnership focused on the acquisition, development, and management of institutional-quality self-storage assets across Canada. The Fund’s portfolio includes properties in multiple provinces, serving diverse residential and commercial communities.
Source : ICM Bluebird Canadian Self Storage LP
