Storage USA to be Sold to Utah's Extra Space, Prudential Real

Storage USA to be Sold to Utah's Extra Space, Prudential Real

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STAMFORD, Conn. (AP) -- G-E Commercial Finance has agreed to sell Storage U-S-A for two-point-three (B)billion dollars in cash to a joint venture of Salt Lake City-based Extra Space Storage Incorporated and Prudential Real Estate Investors.

The agreement is expected to close in the third quarter of 2005, subject to customary closing conditions.

Storage U-S-A is a self-storage company with more than 450 properties in 30 states and the District of Columbia.

Extra Space Storage is a publicly traded real estate investment trust that owns and operates 148 self-storage properties in 20 states. Prudential Real Estate Investors is the real estate investment and advisory business of Prudential Financial Incorporated.

(Copyright 2005 by The Associated Press. All Rights Reserved.)

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