Canadian investor QuadReal Property Group has acquired a 27-asset UK self-storage portfolio from Padlock Euro Storage Fund I for £280m as part of a new joint venture with Clear Sky Capital.
Cinch Self Storage, Newmarket
The JV – which QuadReal will hold a 95% interest in – will commit a further £200m of equity to invest in the 1.2m sq ft portfolio.
Cinch Self Storage, a portfolio operating company owned by Clear Sky Capital investors, has been appointed as asset and property manager for the JV.
“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,” said Thomas Blangy, senior vice-president, international real estate at QuadReal International.
“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 added: “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 up the platform and capitalise on the structural demand-supply imbalance in the UK self-storage market.”
The deal follows QuadReal’s recent acquisition of Maple Leaf Self Storage in Canada. QuadReal’s 6.3m sq ft self-storage portfolio now includes over 80 assets globally.
Last year, the group acquired a 3,460-bed UK purpose-built student accommodation portfolio from Apollo for over £500m and a 6,000-home BTR platform from Realstar.
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