PGIM Real Estate has provided Irish self-storage platform U Store It with a €125m senior loan to refinance its existing debt.
The loan, issued through PGIM’s real estate senior debt platform, refinances a 793,000sqft portfolio of nine modern purpose-built and converted facilities across Dublin, Belfast, Cork, Galway and Waterford.
James Day, executive director, European senior debt originations at PGIM, said: “U Store It has built a genuinely differentiated position in Ireland’s self-storage market, and this refinancing lets us back a platform with a clear runway for growth.
“Ireland’s self-storage sector is still emerging, but demand fundamentals are strong, supply remains limited and awareness is rising, giving us real confidence in this platform for the long term.”
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