GLP Capital Partners (GCP) US has raised $1.58bn (€1.5bn) in the final close of its inaugural North American self-storage real estate fund.

The fund manager said GCP SecureSpace Property Partners, which was oversubscribed, received commitments came from a diverse group of limited partners, including domestic and international institutional investors, including public and corporate pensions, insurance companies, asset management firms and family offices.

“The closing of our inaugural value-add fund marks a major milestone for the GCP US self-storage platform,” said Daniel Ward, head of asset management at GCP US.

Keith Wetzel, co-founder and senior managing director at GCP US’s self-storage platform, GCP Storage Advisors (GSA), said: “Characterised by generally non-cyclical, diversified customer demand, the self-storage sector has delivered strong historical performance through cycles, particularly in our undersupplied markets.”

“We greatly appreciate all the investors who took the time and effort to learn more about the evolving self-storage sector, as well as the GSA platform and portfolio,” said GSA co-founders and senior managing directors, Paul Brown and Zack Linford.

They said investor support enabling GCP to hit its hard cap in about eight months from the initial closing “was really a testament to the quality of our team and affirmation of the strategy to focus on Class A assets in supply-constrained markets”.

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