Sovran Self Storage to buy TPG-backed LifeStorage for $1.3 bln
Sovran Self Storage Inc said May 19 that it agreed to buy LifeStorage LP in a deal valued at about $1.3 billion. Sovran said it has secured $1.35 billion in bridge financing to provide certainty of closure. Roseville, California-based LifeStorage owns and operates of self storage facilities in the United States, currently operating 92 self storage properties in nine states. TPG invested $120 million in LifeStorage in 2014. Wells Fargo Securities,LLC acted as lead financial advisor and SunTrust Robinson Humphrey also acted as a financial advisor to Sovran Self Storage. Phillips Lytle LLP and Hogan Lovells served as legal counsel in connection with this transaction. Citgroup Global Markets Inc acted as financial advisor to LifeStorage and Latham & Watkins LLP served as counsel to LifeStorage in connection with the transaction.
