Singapore sovereign wealth fund GIC Pte Ltd has teamed up with US private equity firm Cascade Investment and other investors to buy a stake in StorageMart in a deal that values the Missouri-based self-storage firm at US$2.7 billion.
The wealth fund has now invested in at least three US companies thus far this year. Last month, it led a group of investors in a US$500 million fundraising round in financial technology firm Affirm and in May, it led a $50 million funding round in Amplitude Analytics, both based in San Francisco.
Financial details of the new deal, including the size of the stake and the price, were not disclosed in a statement issued by StorageMart on October 14.
Spokespersons for GIC and StorageMart did not immediately respond to questions from Asia Asset Management.
StorageMart is one of the largest privately owned self-storage firms in the world and provides self-storage facilities in 225 locations in the US, Canada and UK.
According to the company’s Chief Executive Officer Cris Burnam, 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 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 says in the statement.
GIC doesn’t publicly disclose its assets data. According to the Sovereign Wealth Centre, the fund had around $453 billion of assets under management as of March 2020.