Investor Group Raises Stake in Storage Equities

An investor group that includes Public Storage Chairman B. Wayne Hughes raised its stake in Storage Equities Inc. to 7.2% of the company’s stock from 6.05%.

Storage Equities is a real estate investment trust that invests mainly in self-storage warehouses, and is affiliated with Public Storage Inc., the nation’s leading operator of self-storage sites. Both companies are based in Glendale.

In a filing with the Securities and Exchange Commission, the Hughes group said it bought an additional 125,018 Storage Equities shares between March 2 and March 30 for $7.50 to $8 a share. The group, which now owns 787,955 shares, also includes PS Insurance Co. Ltd. of Bermuda, which reinsures casualty policies sold to self-storage tenants.