Global real estate investment firm Heitman has invested an undisclosed amount in an Irish self-storage business.
Heitman said it has invested in U Store It and plans to help expand the self-storage platform across Ireland and Northern Ireland.
U Store It has six locations across four cities: Dublin, Belfast, Cork, and Waterford, and has plans to develop two additional sites in Dublin and Belfast.
Caleb Mercer, Heitman’s managing director of European real estate Investment, said: “We are pleased to invest in the U Store It platform and to work with its local team to continue to build a best-in-class storage option in the Irish and Northern Irish markets.
“Self-storage remains an appealing real estate sector, experiencing significant demand as a result of the growing storage needs of individuals and businesses.”
Tony Smedley, Heitman managing director and head of European private equity, said: “This is further evidence of Heitman’s long-term commitment to the European region, and more specifically to our extensive expertise in operational real estate.
“Such capability ensures we can continue to originate attractive opportunities, grow our clients’ investments, and expand our reach across Europe.”
Gordon Black, Heitman senior managing director and portfolio manager, said: “As we execute our global investments, we continue to look to balance our portfolio across three themes: divergence or smart diversification among traditional property types; convergence or capitalisation of maturing property types; and delinked or defensive, which involves investing in assets with traits less tied to economic cycles such as self-storage.”
Heitman, which has invested in self-storage since 1996, has a more than $7bn self-storage portfolio globally. The firm’s recent investments include the acquisition of Space Station in the UK and All Seasons in Germany.
Global real estate advisor, CBRE, advised the owners of the business alongside Grant Thornton.
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