SmartStop has agreed to invest C$74M in a 14-property Canadian self-storage portfolio, a deal that would substantially increase its Canadian scale and, by the company’s count, make it the country’s third-largest storage operator.

The Strategic Storage Canada portfolio totals 961K SF and about 9,600 units — equivalent to about one-fifth of SmartStop’s existing Canadian footprint by square footage. The properties are in early lease-up and about 50% physically occupied.

SmartStop will take a 50% stake in the fund’s general partner and initially own about 34% of the fund itself. Its limited partner stake is expected to rise to about 44% after two years as convertible preferred equity converts.

The fund expands SmartStop’s presence in Vancouver, Calgary and the GTA while taking it into Halifax and Quebec City. SmartStop also picked up management contracts for three additional Canadian properties, helping bring its operating footprint to 70 properties.

The Canadian investment is part of a broader US$140M package that also includes US$37M of acquisitions in Las Vegas and Asheville and a U.S. preferred and mezzanine investment program.

SmartStop can invest up to another C$228M as the Canadian fund acquires more properties. The transaction is expected to close in the fourth quarter.

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