The Inland Real Estate Group of Companies is acquiring a majority interest in US self-storage operator Devon Self Storage Holdings.
Devon Self Storage, founded in 1988, manages 202 properties and approximately 109,000 units across the US. The company has owned, managed or developed more than 350 self-storage facilities in 27 states and three European countries.
Since entering the self-storage sector in 2016, Inland Real Estate has amassed a $1.7bn (€1.55bn) self-storage portfolio of both stabilised assets and development projects across 30 states.
Tony Chereso, CFO of The Inland Real Estate, described the acquisition of the self-storage platform as a perfect match for Inland Real Estate’s long-term vision, highlighting its seamless integration with their existing operations and its ability to fuel growth across their investment and commercial real estate portfolio.
Keith Lampi, president and CEO of Inland Private Capital Corporation, said: “Devon has been an integral strategic partner as Inland has expanded our presence in the self-storage sector.
“As the sector continues to institutionalise, creating operational efficiencies for the benefit of our investors through scale has never been more important. I am looking forward to the synergies created by this transaction.”
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