Extra Space Storage Inc. and its subsidiaries (collectively Extra Space or the Company) (NYSE: EXR) has announced that it has completed the acquisition of multiple entities doing business as Storage Express, which own 107 remote storage properties across Indiana, Ohio, Illinois, and Kentucky. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property, and 14 future development sites. Total consideration for the acquisition was approximately US$590 million. The Company also purchased E-Tracker, a storage software operating platform, which supports Storage Express locations.
Latham & Watkins LLP represented Extra Space in the transaction with a corporate deal team led by San Diego partners Craig Garner and Kevin Reyes, with associates Jennifer Wong, Katie Connelly, and Madeleine Keach. Advice was also provided on benefits and compensation matters by San Diego partner Holly Bauer, with associate Aaron Tso; on tax matters by Los Angeles partner Eric Cho, with associates Changsheng (Eric) Song and Ryan Brenner; on real estate matters by associate Achraf Farraj; and on intellectual property matters by Bay Area counsel Arielle Singh.