JLL advise Legal & General’s UK Property Fund on first self storage acquisition
JLL advised LGIM Real Assets (Legal & General) on its first acquisition into the self storage sector, with the landmark acquisition of the Iron self storage portfolio.
The portfolio includes three brand new facilities located in Cannock, Northwich and Bolton, providing 140,000 sq. ft. of lettable space. The facilities will be managed by SureStore. Management Services. The stores combine traditional self-storage space, with glass fronted trade counter units for retail customers as well as co-working office space and external drive-up units.
Matt Jarvis, Senior Fund Manager of the UK Property Fund at Legal & General, said: “The Fund has had a strong focus on investing in operational real estate such as hotels, BTR and self storage. In line with our strategy, this latest acquisition provides a platform of assets within the self-storage sector where the Fund will benefit from the expertise that the management agreement with SureStore will provide. The high-quality, purpose-built properties are also in early stages of operation which should mean we see a growth in income as they reach a stabilised level.”
Tom Caines, Alternative Investment at JLL, commented: “It’s fantastic to see the continued trend of institutional funds investing in the self storage sector. Investor demand has grown strongly in the past 18 months, especially for new build stock of this grade. The key to this transaction was ensuring the deal was structured to include a ready-made management team, and we were delighted to achieve a result that suited all parties.”
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.