Heitman has acquired a Rent-A-Space Shrewsbury, a 58,000sqft private self-storage platform in the UK for an undisclosed sum.

The $44bn (€36bn)  global real estate investment management firm said the investment marks the first acquisition expanding Space Station, a UK self-storage platform that a Heitman affiliate acquired in late 2020.

Heitman, which has been an investor in self-storage since 1996 and has a $5bn, said it plans to continue the expansion of Space Station through further acquisitions of assets and businesses across the country.

Caleb Mercer, Heitman managing director of European real estate investment, said: “The opportunity to add a sizeable and high-quality property to the platform, as well as the opportunity to create value within the asset itself, we found attractive. We look forward to continuing to scale the Space Station platform with further self-storage assets across the UK.

“We have been a long-term investor in self-storage and the adjacent non-traditional sectors. We continue to see significant value opportunities within them and an attractive risk profile, given that their demand drivers are delinked from the broader economy.”

To read the digital edition of the latest IPE Real Assets magazine click here.