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Public Storage has announced its entry into the Canadian market through the acquisition of Public Storage Canada in a stock-and-cash transaction valued at approximately USD 1.2 billion. The deal brings together two businesses operating under the same brand but managed separately for years. The acquisition follows the company's recent agreement to acquire National Storage Affiliates and reflects a broader consolidation trend across the self-storage industry. The transaction will strengthen Public Storage's North American presence while providing access to a growing Canadian self-storage market. The deal is expected to be completed in the second half of 2026.
Public Storage has agreed to acquire Public Storage Canada, a separately operated company that has long used the same brand name, in a stock-and-cash deal valued at around USD 1.2 billion. The acquisition marks the U.S.-based self-storage operator's entry into the Canadian market and expands its footprint beyond the United States.
Public Storage Canada was established by Public Storage founder Wayne Hughes and has been independently managed by members of the Hughes family for several years. Despite sharing the brand, the Canadian business has operated separately from its U.S. counterpart.
Under the terms of the transaction, Public Storage will provide approximately USD 889 million in equity and USD 310 million in cash through an off-market agreement with the Hughes family. In addition, the company may pay up to USD 288 million in operating partnership units, a form of equity compensation linked to the achievement of certain performance targets.
The acquisition comes shortly after Public Storage signed an agreement to acquire smaller rival National Storage Affiliates in an all-stock transaction valued at roughly USD 10.5 billion. That deal was aimed at strengthening the company's presence in fast-growing U.S. markets and expanding its portfolio of storage facilities.
The latest acquisition reflects a wider consolidation trend across the self-storage industry. Larger operators have increasingly been using their financial strength and access to capital to acquire smaller competitors and family-owned businesses, particularly in markets where self-storage penetration remains relatively low and growth opportunities remain significant.
By bringing Public Storage Canada under its direct ownership, the company is expected to gain access to a new market while aligning operations under a single corporate structure. The move also broadens its North American presence at a time when major storage operators are pursuing scale through acquisitions rather than relying solely on organic expansion.
The transaction is expected to close in the second half of 2026, subject to customary closing conditions.
Source Reuters
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