A. Lee Graham
Self-storage firm LifeStorage LP has secured a $120 million investment from TPG Real Estate, the real estate platform of Fort Worth-based TPG, a global private investment firm.
Terms of the transaction were not disclosed.
“Not only is there strong continued demand for self-storage, but the industry also remains very fragmented, which should provide opportunities for further consolidation and attractive follow-on acquisitions,” said Avi Banyasz, partner and co-head of TPG Real Estate, commenting in a news release.
“Mark [Good, LifeStorage CEO] and his team have built a leading self-storage company in LifeStorage, and we are excited to be a partner in the company’s continued success,” Banyasz said.
LifeStorage, based in Roseville, Calif., owns, acquires and operates self-storage facilities. More information is available at www.LifeStorage.com.
TPG Real Estate, the real estate arm of Fort Worth-based TPG, has invested more than $2.6 billion of equity in North American and Europe since 2009. More information is availbale at www.tpg.com.