CubeSmart (NYSE:CUBE) made an announcement on Nov 15, according to which it has entered into an agreement to acquire 100% of the outstanding partnership units of LAACO, Ltd. for $1.69 billion. LAACO is the owner of self-storage platform Storage West, which operators 59 self-storage assets across the Southwestern U.S.

Analysts at Berenberg Bank view the company’s strategy to diversify its geographic footprint favorably, in particular, given the portfolio is in markets with attractive population growth and strong demand for self-storage.