Prime Group has acquired a self-storage asset in Canada as its first property acquisition outside the US.

The private equity real estate firm said it has acquired a newly built single-story building, located at 70 Broadview Road in Sherwood Park in Alberta on behalf of Prime Storage Fund III, the self-storage fund that raised $2.5bn (€2.3bn) a year ago — exceeding the fund’s $1.5bn target.

Prime said the 54,600sqft property located in the Edmonton suburb, comprises a combined 472 indoor climate-controlled and drive-up units, and 22 parking spaces and is nearly 90% occupied. The acquisition price was undisclosed. 

Robert Moser, Prime Group’s founder, principal, and CEO, said: “We carefully chose the Edmonton market, as the region has experienced significant population growth in recent years due to its natural beauty, culture, history, and strong economy—particularly in the increasingly diverse and affluent Sherwood Park suburb.

”Accordingly, more and more residents and businesses in metro Edmonton are experiencing meaningful life changes and business opportunities that are driving the need for high-quality storage options, exhibiting similar demographic characteristics to those we see and invest in within the US market.”

Moser said Prime Group is committed to expanding its self-storage portfolio across Canada, identifying high-quality assets in areas with strong demographics, adding that the company is dedicated to providing investors with attractive risk-adjusted returns by focusing on assets that meets its criteria.

Since its inception, Prime Group has owned and operated more than 360 self-storage facilities representing more than 201,000 storage units and containing over 25.2m rentable sqft.

To read the latest IPE Real Assets magazine click here.