JLL's Alternatives team has completed on the sale of the 1st Storage Centres portfolio
JLL's Alternatives team has completed on the sale of 1st Storage Centres to Armadillo Self Storage which is co-owned and managed by Big Yellow
JLL's Alternatives team has completed on the sale of 1st Storage Centres to Armadillo Self Storage which is co-owned and managed by Big Yellow.
The freehold portfolio provides 105,000 sq ft of lettable self storage space across two stores. The modern facilities are located in Newcastle and Gateshead, and have strong market dominance in the surrounding area.
This is JLL's second sale to Armadillo in four months, having advised on the asset sale of Store it4u in Stockton-On-Tees at the end of 2017.
Tom Caines, senior surveyor at JLL commented, "This is our sixth transaction in the sector in under a year, which demonstrates the growing demand for well invested self storage assets across the UK, and reflects the continued consolidation of the market as investors build platforms through a mixture of M&A and new development."
Jim Gibson, CEO of Big Yellow commented "This is an important acquisition for Armadillo Self Storage, expanding our footprint into the North East with the acquisition of Newcastle and Gateshead. The Armadillo platform now consists of 22 stores with a total capacity of 965,000 sq ft, and we continue to look for opportunities to acquire good quality regional assets."
JLL acted on behalf of the shareholders of 1st Storage Centres.