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.”

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