Barings has acquired a majority stake in Australian self-storage firm Swift Storage for A$200m (€110.6m).

Founded in 2022 by USS Funds Management (USSFM), Swift has a property portfolio comprising 15 self-storage centres and a pipeline of new self-storage developments in Queensland.

Baring said the acquisition marks its entry into Australia’s self-storage sector, extending its existing A$2bn private equity real estate platform, which includes seniors living and airport investments made over the past 18 months.

Tamara Williams, senior director, private equity real estate at Barings, said: “Self-storage has proven to be a resilient asset class in Australia, and Barings believes there are significant tailwinds and untapped potential in the future.

“What attracted Barings to this opportunity is the calibre of Swift operating partners – they have a proven track record and have pioneered an efficient operating model for the industry.”

Luke Bryant, director, private equity real estate at Barings, said: “Our entry into self-storage complements Barings Real Estate Australia’s existing and growing industrial and logistics portfolios across Australia’s major markets.”

Jonathan Perrins, co-founder of USSFM, said: “Swift is a unique concept in the Australian self-storage market that we have been working on for over four years.

“Swift is now a proven concept that has been well-received by customers. It is ready to be scaled into larger centres in major urban and regional markets.”

Robert Gregg, co-founder of USSFM, said: “The investment by Barings in Swift is the culmination of a lot of work by USSFM in accessing the capital to fund the continued growth of Swift.

“The transaction allows our investors to realise their investment ahead of original timing expectations, with an attractive return. It also provides Swift with the capital base to realise its full potential over the longer term.”

To read the latest IPE Real Assets magazine click here.

Topics