Strategic Storage Growth Trust Announces Plans to Close Primary Offering at $200 Million
February 14, 2017 | by James Sprow | Blue Vault
On February 9, 2017, the board of directors of Strategic Storage Growth Trust, Inc. (“SSGT”) approved the close of the primary offering upon SSGT crossing the $200 million threshold in its primary offering. As of February 8, 2017, SSGT had raised approximately $122 million in its primary public offering.
Upon SSGT reaching $200 million in its primary offering, the REIT intends to close the offering to new subscriptions commencing five business days after reaching the $200 million threshold. In connection with the closing, its policy will be to accept subscription agreements only if they are received by SSGT’s transfer agent on or before the close of business on the close date. The accounts must be fully funded, and in good order no later than the close of business five business days following the close date for non-qualified account investments, and thirty business days following the close date for qualified account investments.
As of January 31, 2017, SSGT owned 16 self-storage properties and had pending acquisitions in 2017 for two additional facilities with approximately 1,835 storage units. The REIT also had a pending disposition of one property with 440 units.
On February 13, 2017, the REIT named Michael Terjung as its CFO and treasurer. Terjung, succeeds Michael McClure, who was named president of the company. Terjung, most recently served as a controller for the company’s sponsor, SmartStop Asset Management LLC, assigned to Strategic Storage Growth Trust.
Learn more about SmartStop Asset Management, LLC on our Sponsor Focus page.
The Blue Vault Summit could not have been more perfectly timed. This gathering of the Broker Dealer and Sponsor communities provided insightful and open discussion from several vantage points. These conversations are paramount, especially in a time of significant regulatory change.