Heitman has acquired UK self-storage business Space Station on behalf of Australian superannuation fund Sunsuper.
The real estate asset manager said it has paid an undisclosed amount to buy the 10-facility UK self-storage business from its existing owner.
Established in 1983, Space Station has locations across London and Birmingham
Heitman said it plans to expand the UK-based platform through the acquisition of additional self-storage assets and businesses across the country.
The manager also intends to implement value-creation strategies to the platform through system upgrades, property improvement and expansion initiatives.
Caleb Mercer, Heitman managing director of European real estate investment, said: “We are pleased to add the Space Station platform to our portfolio of self-storage assets.
“There is significant opportunity within Europe to add value to self-storage portfolios as the sector continues to mature across the region.”
Tony Smedley, Heitman managing director and head of European private equity, said: “Heitman has a global track record investing in self-storage, beginning with the sector’s infancy in the US and continuing through to its institutionalisation.
“European self-storage is now at a similar stage to the early inclusion of US self-storage in institutional portfolios. Investors stand to benefit from the growth of the sector in this region and through the implementation of value-creation strategies.”
To read the digital edition of the latest IPE Real Assets magazine click here.