CubeSmart Snags NY Storage Space For $560M

Law360, New York (October 24, 2011, 8:22 PM EDT) -- Self-storage facility owner CubeSmart will buy $560 million worth of storage space in the greater New York area from Storage Deluxe, the Pennsylvania-based company announced Monday.

CubeSmart will acquire 22 storage facilities and will take on $88 million in assumed debt as part of the transaction, it said in a statement. The entire portfolio contains approximately 1.6 million square feet and will make the company the largest owner of self-storage facilities in the city of New York, it said.

CubeSmart will offer 17 million common shares...
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