QuadReal Property has acquired a £280m (€323m) UK self-storage portfolio from Padlock Euro Storage Fund I through a newly created partnership with real estate manager Clear Sky Capital.
The real estate arm of British Columbia Investment Corporation said it will hold a 95% stake in the joint venture that holds the 1.2m sqft portfolio of 27 assets. The partnership with Clear Sky Capital has also committed a further £200m of equity to invest in UK self-storage.
Cinch Self Storage, a portfolio operating company owned by Clear Sky Capital investors, has been appointed as asset and property manager for the joint venture.
Thomas Blangy, SVP, international real estate at QuadReal, said: “Self-storage is a key area of conviction for QuadReal and this transaction expands our presence in the UK market, where demand for quality storage facilities continues to grow.
“By partnering with Clear Sky and Cinch, we are securing critical mass in a sector characterised by fragmented ownership, further enhancing our global portfolio and ability to deliver stable returns.”
Iyngaran Muniandy, head of Europe at Clear Sky, said: “We are excited to continue the Cinch Self Storage journey alongside a tier-one institutional partner such as QuadReal.
“Their global experience and long-term investment approach make them an ideal partner as we scale the platform and capitalise on the structural demand-supply imbalance in the UK self-storage market. Together, we look forward to expanding the portfolio and delivering high-quality, risk-adjusted returns for our investors.”
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