ICM Bluebird Canadian Self Storage Fund Enters Strategic Partnership with SmartStop Self Storage REIT

(September 2026 – Calgary, Alberta) ICM Asset Management (“ICM”) is pleased to announce that ICM Bluebird Canadian Self Storage LP (the “Fund”) has entered into an agreement for a strategic joint venture with SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA), bringing significant institutional capital and operating scale to the Fund as it enters its next stage of growth.

Under the agreement, SmartStop has agreed to make an initial investment of approximately C$74 million, acquiring a 50% interest in the Fund’s general partner and an approximately 34% limited partner interest. SmartStop will also have the opportunity to invest up to an additional C$228 million over the coming years in self-storage properties acquired by the Fund. Upon closing, SmartStop will assume property management responsibilities for the portfolio.

The agreement represents an important step in a strategy that ICM and its partners began building several years ago. The Fund was established to assemble a geographically diversified portfolio of Canadian self-storage assets, generate yield, net operating income growth and capital growth for investors, and build the scale needed to attract larger institutional capital over time.

Upon closing, the Fund will include 14 self-storage properties across Canada, representing approximately 961,000 net rentable square feet and 9,600 units. With the portfolio still in the early stages of lease-up, the addition of SmartStop brings capital, technology, revenue management expertise and operating scale at an important point in the Fund’s evolution.

“Alongside our partners, we established an early position in Canadian self-storage and invested significantly in the platform with a long-term view,” said John Courtliff, CEO of ICM Asset Management. “That early conviction helped position our Fund for the institutional interest and opportunity we see today. There is still a lot of work ahead, but we are excited about the outlook for our current investors and what this next stage may make possible for new investors in the months ahead.”

SmartStop’s investment adds a large North American self-storage operator with strong leadership in property management to the Fund. Its platform currently includes approximately 70 operating properties across five Canadian provinces, with an established presence in Vancouver, Calgary and the Greater Toronto Area. The partnership will also introduce SmartStop into Halifax and Quebec City via the Fund’s assets while providing the Fund with access to its broader operating platform.

The Fund will continue to benefit from a pipeline of new self-storage opportunities developed by StoreWest Developments, and with the support of its existing funding partners, including ICM Asset Management and Meckelborg Financial Group, the Fund is well positioned to grow significantly in the quarters ahead. 

Upon closing, the Fund is expected to be renamed Strategic Storage Canada LP, reflecting its next stage of growth. Completion of the transaction remains subject to approval under the Canadian Competition Act, certain lender approvals and other customary closing conditions. Closing is anticipated in the fourth quarter of 2026.

About Strategic Storage Canada LP

Upon closing of the proposed transaction, ICM Bluebird Canadian Self Storage LP will be renamed Strategic Storage Canada LP, reflecting the new partnership and the next phase of its evolution. Strategic Storage Canada LP is a Canadian limited partnership focused on the acquisition, development and management of institutional-quality self-storage assets across Canada. Its portfolio includes properties in multiple provinces, serving diverse residential and commercial communities.

About SmartStop Self Storage REIT

SmartStop Self Storage REIT, Inc. (NYSE: SMA) is an internally managed real estate investment trust and owner and operator of self-storage facilities across the United States and Canada. Its vertically integrated platform includes property operations, asset management, acquisitions and third-party management.

Learn more

Read ICM Bluebird’s release on CNW

Read SmartStop’s release on Business Wire

Contact our Sales team at investments@icmgroup.ca