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Home News CRE

Public Storage Makes Historic $11 Billion Unsolicited Bid For Rival Company

By consolidating the storage market, the top five operators would own around 19% of the space, leaving the rest in the hands of regional and local operators.

Aayat AlibyAayat Ali
February 7, 2023
in CRE
Reading Time: 1 min read
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What is going on: 

Public Storage, whose share price decreased by 2.26%, has put forward an unsolicited offer of $11 billion for real estate investment trust Life Storage Inc., escalating its bid to purchase its smaller counterpart following the refusal of its initial proposal.   

In a letter to Life Storage’s management, Public Storage expressed its all-stock offer of roughly $129 per share, as earlier reported by The Wall Street Journal. 

Why it’s important: 

Public Storage, the largest operator of self-storage in the U.S., claimed to possess roughly 9% of total square footage in the U.S. as of Dec. 31, 2021.  

By consolidating the storage market, the top five operators would own around 19% of the space, leaving the rest in the hands of regional and local operators. 

How it’ll impact the future: 

As ecommerce sales expand from companies like Amazon, so does overall accumulation, meaning demand for storage will continue to grow alongside of consumer spending. 

Source: The Wall Street Journal
Tags: CRE
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Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

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