Bill Gates’ Cascade Investment, GIC buy stakes in StorageMart

StorageMart welcomes GIC, Cascade Investment, and others as co-owners
Climate controlled self storage Image: Courtesy of StorageMart

Singapore’s sovereign wealth fund GIC, along with Bill Gates’ Cascade Investment, L.L.C. and other investors have acquired stakes in StorageMart, the largest privately owned self-storage company in the world.

The transaction values StorageMart at an enterprise value of approximately USD $2.7 billion, said StorageMart in a statement.

The company will continue to be led by Cris Burnam serving as Chief Executive Officer, Mike Burnam as President and Chief Investment Officer, and Ryan McKenzie as Chief Financial Officer.

StorageMart, founded by the Burnam Family, owns and operates stores located throughout the United States, Canada, and the United Kingdom. The company is a vertically integrated platform that owns, operates, and develops self-storage properties throughout the world.

“Mr. Kroenke’s leadership and support has allowed the company to achieve remarkable success.  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,” said Cris Burnam, Chief Executive Officer of StorageMart.

”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 unrivaled position to achieve its growth strategies in both current and new markets,” he added.

Citigroup served as exclusive financial advisor to StorageMart. Kirkland & Ellis LLP served as legal counsel to StorageMart, Torys LLP served as legal counsel to GIC, Cleary Gottlieb Steen & Hamilton LLP served as legal counsel to Cascade, and Baker & McKenzie LLP served as legal counsel to E. Stanley Kroenke.