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Jernigan Capital Acquires Developers´ Interests in Seven Properties to Expand Portfolio of Self-Storage Facilities
Friday 14 February 2020

14 February 2020 - Tennessee, US-based real estate investment trust Jernigan Capital, Inc. (NYSE: JCAP) has acquired the membership interests of its developer partners in six development investments on its balance sheet, to expand portfolio of recently delivered self-storage facilities in top MSAs, the company said.
Terms of the transaction were not disclosed.
Properties include Atlanta 5, Atlanta 6, Atlanta 7, Charlotte 2, Knoxville, and Louisville 1. Additionally, in November, the SL1 Venture in which the company has a 10% interest, purchased the membership units of the LLC that owned the Raleigh development.
These properties are all Generation V, multi-story facilities with a combined 540,222 net of rentable square feet.
The current weighted average physical occupancy of the facilities is 39.2%. Each of the properties is branded and managed by CubeSmart.
With these acquisitions, the company, either alone or with its joint venture partner, has now acquired full ownership of 26 development projects financed this cycle, representing 32.5% of the net rentable square feet in the company's investment portfolio.
Jernigan Capital, Inc provides debt and equity capital to private developers, owners and operators of self-storage facilities with a view to eventual outright ownership of facilities it finances.
Date Published: 14/02/2020
Target: six development investments
Country: USA
Sector: Construction/Real Estate
Type: LBO
Status: Agreed
Buyer: Jernigan Capital
Terms of the deal were not disclosed