US investor makes first self-storage acquisition in the UK
JLL advises on sale of the two facilities
JLL has advised a private client on the sale of the Secure Store portfolio, which consists of two self storage facilities in Letchworth and Leighton Buzzard with a combined lettable area of 66,000 sq ft. The purchaser, Padlock Capital Partners, is a US investor, and this deal marks its first acquisition in the UK.
Penny Bell, from JLL’s UK alternatives team, said: “Self storage income has remained stable throughout lockdown, highlighting the resilience of the sector, and the appetite from investors for product continues to outstrip supply and create competitive pricing.
“Padlock Capital Partners, the purchaser, has acquired its first UK self storage portfolio and it’s market entrance and efforts to continue growing a portfolio demonstrate the attractive growth prospects for investors.”
John Stevenson, CEO of Padlock Capital Partners, added: “We are grateful to have worked with JLL on this transaction. Their team’s market expertise proved invaluable for our first UK self storage acquisition. We could not have done it without their capable guidance and 24 hours a day assistance.
“We look forward to working with JLL as we pursue additional self storage properties.”
The stores will be managed by Cinch Storage.
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 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.