Rent a Space completes sale of Shrewsbury self storage facility
JLL sold 57,000 sq ft unit to Heitman
JLL has completed the sale of a Rent a Space self storage facility located in Shrewsbury. The freehold investment was purchased from Rent a Space by Heitman and represents its second deal in this sector in the UK following its acquisition of the Space Station portfolio last year.
The unit comprises 57,000 sq ft of space and in addition to self storage facilities also houses trade counters and office accommodation. It generates a total annual revenue of £517,000.
Penny Bell, associate in alternative capital markets at JLL, said: “As the self storage industry has developed and matured over the past 20+ years, there have been a number of transactions which have demonstrated a strong appetite and good levels of liquidity across the UK and Europe. We estimate that there have been a significant number of self storage transactions over the last 12 months, ranging from the sale of individual assets up to the acquisition of several major portfolios. There have been a number of new entrants into the market, to include both institutional and private equity investors to compete with a strong active market of self storage operators."
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.