India, June 22 -- Public Storage (PSA) said Monday it has agreed to acquire Public Storage Canada in a transaction valued at approximately $1.2 billion, marking the company's entry into major Canadian self-storage markets.
The acquisition includes a portfolio of 68 properties totaling 5.3 million square feet located across Toronto, Vancouver, Montreal, Calgary and Ottawa.
Public Storage said the Canadian market offers attractive long-term growth potential due to strong population growth, high household incomes and lower self-storage supply per capita compared with the United States.
Under the agreement, Public Storage will pay approximately $889 million in operating partnership units and about $310 million in cash, subject to customary a...