JLL advise on sale of a prime self storage facility to Legal and General
Storage Boost sell 56,000 sq ft self storage facility in Stafford to LGIM Legal and General
Legal & General’s UK Property Fund (LGIM) have acquired a brand-new state-of-the-art facility in Stafford.
The 56,000 sq ft facility includes four floors of self storage with over 60% occupancy, as well as 10,000 sq ft of office space, co-working areas and external drive-up units. The store adds to LGIM’s initial investment in the self storage after the acquisition of Sure Store in July 2019 which totalled 140,000 sq ft of self storage.
Andy and Nick Wood, co-owners of Storage Boost, said: “It’s great to have worked with JLL on this transaction and do a successful completion with Legal and General. We built an award winning store, which was awarded 2019’s Best Independent Self Storage Facility, in a great location in Stafford, and to a design that meets the growing – and evolving – demand for self storage from customers and investors alike
Tom Caines, director in alternative investment at JLL, commented: “It’s fantastic to see the continued trend of institutional funds investing in the self storage sector. Stafford is a great example of a best in class asset, combining traditional storage with co-working space and drive-up retail units to meet the demands of start-up business customers. We have been an advocate of the mixed-use concept for some time, so it’s great to see the evolution of purpose-built self storage into an institutional grade product. We’re delighted to have transacted with Legal and General again, as they continue to add to their growing portfolio.”
The facility will be managed by SureStore.
The transaction completed on 27 February 2020.
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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.co.uk.