School Employees Retirement System (SERS) of Ohio has approved a $15m (€13.8m) co-investment into a $345m US self-storage portfolio owned by CBRE Investment Management, according to the pension fund’s board meeting document.
This commitment is part of $50m of co-investment capital that CBRE IM was looking to place into the portfolio of 14 facilities. The bulk of the 8,697 units are located in Southern California, with a smaller portion in Utah.
CBRE IM’s acquisition, completed last year, was financed through a $231m equity investment from the CBRE US Core Partners fund and $114m in debt, according to Ohio SERS.
CBRE IM has incorporated the acquired facilities into its StorQuest Self-Storage platform, bringing the total number of locations across 22 states to nearly 300. CBRE IM declined a request for comment.
To read the latest IPE Real Assets magazine click here.
