Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 21.12.2020  
C(2020 ) 9562 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.  10035  – BURNAM PARTIES / KROENKE PARTIES / SMG / 
CASCADE INVESTMENT / STORAGEMART    
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 27 November  2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which StorageMart 
Partners, LLC and its affiliates (‘ the Burnam Parties’, USA), E.Stanley Kroenke and 
affiliated entities (‘the Kroenke Parties’,  USA), SMG StorCo, LLC (‘SMG’, USA) 
indirectly controlled by GIC Realty (Singapore) , and Cascade Investment L.L.C. 
(‘Cascade Investment’, USA) acquire within the meaning of Article 3(1)(b) and 3(4) 
of the Merger Regulation joint cont rol of the whole of SMA RTCo Properties, L.P. 
(‘StorageMart’, USA)  by way of purchase of shares  (‘the Transaction’) .3 
2. The business activities of the undertakings concerned are:  
 for the Burnam Parties: comprise StorageMart Partners, L.L.C, and its affiliates . 
The Burnam Parties are primarily active in the USA in the self -storage industry  
and own a controlling interest in StorageMart pre -Transaction,    
 for the Kroenke Parties: comprise entities affiliated with E. Stanley Kroenke, a 
private individual residing in the USA who controls an international portfolio of 
investments, primarily active in the sport and real estate sectors. The Kroenke 
Parties are primarily  active in the USA and own a controlling interest in 
StorageMart pre -Transaction , 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Communi ty’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 419, 4.12.2020 , p. 49. 

2  for SMG: a wholly -owned indirect subsidiary of GIC Realty, a company which 
makes real estate investments on behalf of the Government of Singapore,  
 for Cascade Investment: a p rivate investment entity with a global investment 
portfolio which is primarily active in North America. It is a limited liability 
company whose sole member is William H. Gates III , 
 for StorageMart: a chain of self -storage facilities operating across the Un ited 
States, Canada and the United Kingdom. StorageMart has 220 facilities 
worldwide, including 16 facilities located in the United Kingdom.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls with in the scope of the Merger  Regulation  and of 
paragraph 5(c) the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure,  the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .