Public Storage to Buy Public Storage Canada in $1.2 Billion Mixed Deal
The acquisition aims to scale the company's footprint in Canadian markets characterized by low per capita supply and strong population growth.
Public Storage (PSA) agreed to acquire Public Storage Canada in a mixed-structure transaction valued at approximately $1.2 billion USD, or $1.67 billion CAD.
The companies expect the deal to close in the second half of 2026.
Public Storage said the acquisition is intended to expand its platform into major Canadian markets, citing long-term growth drivers such as high household incomes, strong relative population growth, and a lower supply per capita compared to the United States.
"The acquisition of PS Canada represents a strategic opportunity to expand the Public Storage platform into major Canadian markets with attractive long-term fundamentals," said Tom Boyle, CEO.
The move follows a broader trend of consolidation in the self-storage sector. Public Storage previously entered into an agreement to acquire National Storage Affiliates in an all-stock transaction valued at approximately $10.5 billion.
The transaction remains subject to customary closing conditions.