W. P. Carey Begins Selling 78 Self-Storage Facilities for $465 Million

W.P. Carey has initiated the sale of 78 self-storage facilities, starting with the $88.5 million sale of 16 properties leased to U-Haul. The sale follows U-Haul’s notice to repurchase the properties, which were initially acquired by W.P. Carey in 2004 and leased back to U-Haul. The total purchase price for the entire portfolio is anticipated to reach around $465 million. Both companies declined to provide further comments. U-Haul’s acquisition contributes to its expanding self-storage portfolio, with recent investments totaling nearly $1 billion, while W.P. Carey has also been bolstering its self-storage holdings with acquisitions such as a facility in Knoxville, Tennessee. Phoenix-based U-Haul is strategically expanding its self-storage business nationwide.

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