Global investment firm KKR has added five assets in the US to its self-storage portfolio.
KKR said it has paid $98m (€93.1m) to acquire the new self-storage properties totalling 4,100 units.
The assets were acquired on behalf of KKR Real Estate Partners Americas III, KKR’s Americas opportunistic equity real estate fund.
The properties were acquired from four different sellers in three separate transactions and are located in Phoenix, Arizona; Dallas, Texas; San Antonio, Texas; and Palm City, Florida, KKR said.
Ben Brudney, a real estate director at KKR, said: “We continue to expand our portfolio of high-quality self-storage properties across Sunbelt markets that are experiencing strong population growth and in-migration.
“We track sector fundamentals closely and believe these assets are located in submarkets that are well-positioned to benefit from outsized demand over the medium to long term.”
In December last year, KKR launched a US self-storage platform with a $300m seed portfolio comprising 16 assets. KKR also recently invested $70m to buy three self-storage properties.
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