A fund managed by CBRE Investment Management has acquired a portfolio of 64 US self-storage assets from World Class Holdings for $588m (鈧�508m).
CBRE Investment Management said in an announcement that the acquired assets, which total 28,601 units, are located in 10 states across the US.
91传媒在线 understands that the assets were acquired on behalf CBRE US Core Partners, an open-ended diversified fund.
CBRE Investment Management, which declined to identify the fund, said in the announcement that the fund now owns 83 self-storage properties across the US, totalling 42,255 units.
Justin Shanahan, deputy portfolio manager for CBRE Investment Management, said: 鈥淲e expect these assets to add significant value to our investment stack given the high demand for self-storage facilities across multiple markets and end-users amid the pandemic.
鈥淭his specific portfolio offered a unique opportunity to acquire a diverse collection of facilities in various states that have strong population demographics. We believe that the portfolio is well-positioned to continue its robust leasing momentum and yield long-term profitability.鈥�
Nate Paul, founder, chairman and CEO of World Class, said: 鈥淲e have been long-term investors in self-storage since entering the industry nearly 15 years ago.
鈥淭he sale of this mature portfolio of assets to CBRE and William Warren Group presented us the opportunity to capitalize on that foresight, monetize our value-creation strategy, and achieve a highly favourable realization of our investment.
鈥淲e plan to continue to invest in the self-storage sector. As a firm, we have over 2 million square feet of new self-storage developments and conversions underway nationally.鈥�
To read the latest edition of the latest 91传媒在线 magazine click here.
