Blue Vista Capital Management has teamed up with the real estate arm of UBS and NYSE-listed Extra Space Storage to invest $600m (€520m) in self-storage assets in the US.
The joint venture will assemble a diversified portfolio of core, core-plus, value-add and development assets across the US with a view to creating a perpetual-life investment vehicle.
Real estate investment trust Extra Space Storage will manage the assets.
Peter Stelian, CEO of Blue Vista Capital Management, said self-storage had been one of the best performing asset classes and that the joint venture had the goal of becoming “the largest private owner of self-storage assets in the US”.
Joe Margolis, CEO of Extra Space Storage, said: “By combining our self-storage expertise with this innovative investment approach, we’re positioned to unlock new opportunities and deliver value to our stakeholders.”
Colin Armstrong, portfolio manager for unified global alternatives, real estate at UBS, said: “This initiative reflects our commitment to innovative real estate strategies and long-term value creation.
“By aligning and combining our real estate experience with Blue Vista and Extra Space Storage, we’re leveraging complementary strengths to build a resilient, high-performing self-storage platform that meets the evolving needs of institutional investors.”
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