Heitman has made an investment in U Store It, an Irish and Northern Irish self-storage business with six existing locations across four cities: Dublin, Belfast, Cork, and Waterford.
As part of the investment, the joint venture will work with the existing local owners to develop two additional sites in Dublin and Belfast.
Heitman, an investor in self-storage since 1996 with more than $7 billion in self-storage assets across the globe including recently purchased self-storage platforms in the UK (Space Station) and Germany (All Seasons).
Global real estate investment management firm plans to work with U Store It’s leadership and local teams to reinforce the platform’s strong operations and continue its expansion across Ireland and Northern Ireland.
“We are pleased to invest in the U Store It platform and to work with its local team to continue to build a best-in-class storage option in the Irish and Northern Irish markets,” said Caleb Mercer, Heitman Managing Director of European Real Estate Investment. “Self-storage remains an appealing real estate sector, experiencing significant demand as a result of the growing storage needs of individuals and businesses.”
Commenting on Heitman’s business, Tony Smedley, Heitman Managing Director and Head of European Private Equity said, “This is further evidence of Heitman’s long term commitment to the European region, and more specifically to our extensive expertise in operational real estate. Such capability ensures we can continue to originate attractive opportunities, grow our clients’ investments, and expand our reach across Europe.”
“The U Store It platform is consistent with the thematic approach we are taking with our global strategy” said Gordon Black, Heitman Senior Managing Director and Portfolio Manager. “As we execute our global investments, we continue to look to balance our portfolio across three themes: divergence or smart diversification among traditional property types, convergence or capitalization of maturing property types, and delinked or defensive, which involves investing in assets with traits less tied to economic cycles such as self-storage.”