International investor Schroder's UK real estate fund (SREF) has completed the purchase of a portfolio of self-storage assets from The Self-Storage Company, for over £44 mln (€48.4 mln).
The deal, which comprises five properties situated around London and the M25 motorway comprising over 230,000 ft2 (21,360 m2), also sees SREF acquire the intellectual property and company brand, with The Self Storage Company team retained to manage the portfolio.
'The growth in demand for self-storage is inextricably linked to key demographic trends that are driving demand for real estate,' commented James Lass, fund manager, Schroder UK Real Estate Fund. 'The way we use space is changing like never before, and consumers are now increasingly looking for flexible storage, in response to shifting demographic trends, for a variety of different reasons.'
The acquisition is the first foray by SREF into the emerging self-storage market. One of the first institutional investors to enter the space, SREF said it saw potential to expand The Self Storage Company portfolio further, leveraging the strength and reputation of the existing brand to acquire and operate more sites over the next few years.
'We are delighted to be forming such a strong team with Schroders – combining our mutual experience with a view to becoming one of the UK’s largest self-storage platforms,' added Emil Sohrab, CEO, The Self Storage Company.
Schroder UK Real Estate Fund was unrepresented. JLL represented The Self Storage Company.
