GIC in talks to buy StorageMart stake

The potential transaction is slated to value StorageMart at more than $3.5b.

Singaporean sovereign wealth fund GIC is in talks to acquire a stake in US-based self-storage facility chain StorageMart, which describes itself as the largest privately owned storage company in the world, according to people with knowledge of the matter.

Although a deal has yet to be finalised, the potential transaction is slated to value StorageMart at more than $3.5b ($2.5b), including debt, some of the people said. Private equity firm Rosewood Investment may participate in the deal, one of them said.

Representatives for StorageMart, GIC and Rosewood either declined to comment or didn't immediately respond to requests for comment.

Columbia, Missouri-based StorageMart last month said it added 549 climate-controlled storage units in its latest facility located in Fredericksburg, Virginia. It has about 225 locations in the US, Canada and the UK, its website shows.

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