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Sovran Self Storage starts joint venture

By Associated Press
June 4, 2008 | Comments (0)

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Sovran Self Storage Inc., a self-storage real estate investment trust, said Wednesday it formed a joint venture with an affiliate of real estate management firm Heitman LLC to acquire self-storage properties.

The joint venture, Sovran HHF Storage Holdings LLC, will acquire up to $350 million in self-storage properties in the U.S.

Sovran will hold a 20 percent stake in the joint venture and Heitman will take an 80 percent stake.

Sovran will manage the joint venture's properties and will receive a fee for its services.

The properties bought will be branded under Sovran's name Uncle Bob's Self Storage.

Sovran said the deal allows it to expand in its current market and new regions.

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