ICM Bluebird Canadian Self Storage LP Announces Agreement for Strategic Joint Venture with SmartStop Self Storage REIT, Inc.

CALGARY, AB, Sept. 29, 2026 /CNW/ -- ICM Bluebird Canadian Self Storage LP (the "Fund"), one of Canada's leading institutional self-storage investment platforms, announced it has entered into an agreement for a strategic joint venture with SmartStop Self Storage REIT, Inc. ("SmartStop") (NYSE: SMA), a premier owner and operator of self-storage facilities in the United States and Canada. Under the agreement, SmartStop has agreed to commit up to $300 million in total capital, which is expected to mark a transformative new chapter for the Fund and its investors.

Under the proposed structure, SmartStop will acquire an interest in the Fund's general partner alongside its multi-year capital commitment that is expected to support acquisitions, capital improvements, and continued portfolio expansion across Canada, positioning the Fund for accelerated growth.

Completion of the proposed joint venture is subject to regulatory approvals, approval of certain existing lenders of the Fund's subsidiaries and satisfaction of other customary closing conditions.

Upon closing, the Fund is expected to gain access to SmartStop's industry-leading technology platform, revenue management expertise, and operational scale under a long-term property management agreement, while continuing to benefit from a pipeline of new storage assets developed by StoreWest Developments. The Fund is also expected to continue to be supported by its other funding partners, including Meckelborg Financial Group and ICM Asset Management. The Fund will be renamed "Strategic Storage Canada LP" to reflect the new partnership and the next phase of the Fund's evolution.

In connection with the Fund's new joint venture, SmartStop will also assume property management responsibilities, taking over from Bluebird Self Storage ("Bluebird"). Bluebird's contributions were instrumental in building the Fund into the high-quality institutional platform it is today and in attracting the significant institutional interest that made this transaction possible. In connection with the departure, Bluebird has agreed to acquire interests in several high-quality property-level partnerships spanning multiple Canadian provinces from the Fund and other entities. The Fund thanks Bluebird for their partnership and wishes them continued success.

"This is an exciting day for the Fund and all of its stakeholders" said Roland Schatz, a director of the Fund's general partner. "As one of the largest self-storage operators in North America, SmartStop's decision to invest in the Fund is a powerful endorsement of the quality of the portfolio and the strength of what has been built here. We are confident this proposed partnership will unlock the next stage of growth for our investors."

The joint venture positions the Fund to benefit from SmartStop's continental scale and expertise in the Canadian self-storage market. SmartStop and its affiliates currently own or manage approximately 70 operating self-storage properties across five provinces in Canada, comprising approximately 59,000 units and 6.0 million rentable square feet.

"Such a substantial investment from SmartStop presents a great opportunity for Fund investors. While it means that Bluebird steps aside, we are proud of the role that we have played in positioning the Fund for future success. Moving forward independently, Bluebird will accelerate its next phase of growth by leveraging its national footprint, development expertise and integrated operating platform, remaining firmly focused on executing its pipeline and creating long-term value for its investors" said Reade DeCurtins, Vice President of Bluebird.

About Strategic Storage Canada LP

Strategic Storage Canada LP is a Canadian limited partnership focused on the acquisition, development, and management of institutional-quality self-storage assets across Canada. The Fund's portfolio includes properties in multiple provinces, serving diverse residential and commercial communities.

Cautionary Statement and Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements generally include, but are not limited to, statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning the joint venture, the ability to complete the joint venture, and the other transactions contemplated by the agreement for the joint venture and the timing thereof, including the parties' ability to satisfy the conditions to the consummation of the joint venture, the receipt of the required regulatory approvals, consents and approvals of certain existing lenders and other customary closing conditions, the possibility of any termination of the agreement for the joint venture in accordance with its terms, and the expected benefits to the Fund and its unitholders and other stakeholders, and other statements that are not historical facts. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Fund to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to: the possibility that the joint venture will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory and certain existing lenders' consent, and other conditions to the closing of the joint venture or for other reasons; the negative impact that the failure to complete the joint venture for any reason could have on the Fund's business; SmartStop's failure to pay the consideration at closing of the joint venture; the failure to realize the expected benefits of the joint venture; the business of the Fund may experience significant disruptions, including industry conditions or other factors; the risk of regulatory changes that may materially impact the business or the operations the Fund; the risk that legal proceedings may be instituted against the Fund; significant transaction costs or unknown liabilities; risks related to the diversion of management's attention from the Fund's ongoing business operations while the joint venture is pending and other risks and uncertainties affecting the Fund.

Although the forward-looking information contained herein is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent these forward-looking statements. The Fund has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, however, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Fund does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

SOURCE ICM Bluebird Canadian Self Storage LP

Media Contact: Steve Elliott (587-700-8408)