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Toshiba CEO steps down, shares surge on bidding war expectations
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Pipeline Deal Shows Oil Still King for Investors in Saudi Arabia
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Public Storage Buys Rival EzStorage for $1.8B
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March 31, 2021
March 31, 2021
March 22, 2021
ezStorage for $1.8 billion.
Under the deal, Glendale, California-based Public Storage will acquire 48 properties spanning 4.2 million square feet across Washington, D.C., Virginia and Maryland. The markets have strong demand and high barriers for new supply, according to a statement.
Public Storage plans to take over one property currently under construction and expand eight others, which would lead to a 10% growth in square footage through 2023. Completion of the deal, which the company aims to finance with unsecured debt, is expected next month.
Self-storage properties have been gaining popularity among investors throughout the pandemic, as the assets tend to stay fairly resilient through various parts of the economic cycle.
KKR Said to Eye Toshiba Bidding War With CVC
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Provided by Dow Jones By Joe Hoppe Hammerson PLC said Monday that it is in discussions to sell its retail-parks portfolio to Brookfield Asset Management Inc. to further strengthen its balance sheet. The company was responding to news reports about a deal. The FTSE 250 retail-property company said there is no certainty that the transaction will take place. The portfolio made up of retail parks in Falkirk, Didcot, Middlesbrough, St, Helens, Telford, Merthyr Tydfil and Rugby would be sold to Brookfield, a Canadian private-equity firm, for around 350 million pounds ($479.7 million), the Sunday Times reported Sunday. Hammerson, which has debt of GBP2.2 billion, said on March 12 that its 2020 losses more than doubled because of the pandemic. Hammerson said it has raised gross proceeds of GBP73 million from asset sales in liquid markets to date in 2021 to shore up its balance sheet.