Storage Equities Signs $75-Million Credit Deal

Storage Equities Inc., a Glendale-based real estate investment trust, said it has secured $75 million in revolving credit through an agreement with a bank group led by Wells Fargo Bank.

The company said the credit facilities will provide for working capital needs and acquisitions and will fund cash requirements of mergers and tender offers. During the first six months of 1994, Storage Equities acquired 24 properties valued at between $50 million and $60 million, a company spokesman said. Most of the company’s properties are storage facilities and mini-warehouses.

The credit facility is divided into two components. The first is a $45-million, three-year loan that can be extended to five years at Storage Equities’ option. The second component is arranged such that the company has access to a total of $30 million during the first three years of the agreement, $20 million during the fourth year and $10 million during the fifth and final year.