Rockpool sell West London self storage company to Safestore
JLL has advised Rockpool Investments (Rockpool) on the disposal of a self storage services company and its freehold facility, which has been purchased by Safestore plc, the UK REIT and the largest provider of self storage in the UK.
The modern, purpose-built facility is in close proximity to Heathrow Airport, located just off the M4. Since opening in August 2015 the 35,000 sq ft lettable store, which was managed by Ready Steady Store, had reached maturity at 85% occupancy.
Penny Bell from the alternatives investment team at JLL said: “The sale of Rockpool’s store near Heathrow shows the market’s appetite for freehold modern facilities which can deliver robust incomes. We are delighted to have closed another self storage transaction over the summer in a market that remain active with an increasingly larger and more diverse range of purchasers. We expect more transactions before the end of 2019, with some investors focusing increasingly into European markets as yields continue to harden in the UK”
Ben Hutchinson of Rockpool said: “We are delighted to have completed our first successful transaction in the self storage services sector which has delivered attractive returns to our investors, and we have more investments across the UK which we hope will exceed our expectations in the coming years”
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 nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.