Bill Gates and GIC buy stakes in self-storage chain
Bill Gates’ Cascade Investment and Singaporean wealth fund GIC have both bought stakes in StorageMart, thought to be the largest privately-owned self storage company in the world.
The deal has valued Missouri-based StorageMart at around $2.7bn (£2bn).
The company remains majority-owned by billionaire Stanley Kroenke, whose holdings include Arsenal FC, as well as the Burnam family.
Bill Gates’ Cascade Investment and Singaporean wealth fund GIC have both bought stakes in StorageMart, thought to be the largest privately-owned self storage company in the world.
The deal has valued Missouri-based StorageMart at around $2.7bn (£2bn).
The company remains majority-owned by billionaire Stanley Kroenke, whose holdings include Arsenal FC, as well as the Burnam family.
It will continue to be family-operated – its chief executive is Cris Burnam and its president and chief investment officer is Mike Burnam.
The company said its new co-owners will help it “achieve strategic scale and expand operations”.
StorageMart owns and operates stores located throughout the US, Canada, and the UK.
Cris Burnam said: “The self-storage sector is rapidly evolving, and companies that can deploy technology, enhanced operations, and a truly memorable customer experience are going to outperform.
“To do this, scale is a fundamental requirement. By combining the forces of Mr Kroenke and our new partners GIC and Cascade Investment, StorageMart will be in an unrivalled position to achieve its growth strategies in both current and new markets.”
StorageMart was advised by Citigroup and law firm Kirkland & Ellis; Torys served as legal counsel to GIC; Cleary Gottlieb Steen & Hamilton advised Cascade; and Baker & McKenzie acted for Kroenke.
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