ASB Real Estate Investments (ASB) and Arcland Property have teamed up to buy a 595,888sqft self-storage portfolio of eight buildings in the US.
ASB, investing on behalf of its core open-ended ASB Allegiance Real Estate Fund, has partnered with Arcland to acquire assets in Virginia and Maryland from Chesapeake Resources for an undisclosed amount.
Following the acquisition, the $7.4bn Allegiance fund鈥檚 self-storage holdings now comprise assets located in ten metropolitan areas, including New York, Miami, Portland, Los Angeles, Seattle, San Diego, Washington DC, Northern Virginia, Baltimore and Phoenix, ASB said.
Nicolas Franzetti, a managing director ASB managing director at Real Estate Investments, said: 鈥淭his acquisition advances ASB鈥檚 strategy to expand the Allegiance fund鈥檚 self-storage portfolio into one of the most diversified and well-positioned among institutional investors. Ongoing demographic shifts, strong demand for apartments, and work-from-home trends all benefit self-storage and will drive prospects for continued income growth.
鈥淲e are excited to partner with Arcland, who we believe is a best-in-class operator, to grow our self-storage business through this portfolio and future acquisitions throughout the Mid-Atlantic.鈥�
Arcland CEO Noah Mehrkam, said: 鈥淲e develop, acquire, and operate what has quietly become a nationally-recognized self-storage portfolio. Our horizon is long-term and ASB鈥檚 commitment to the sector, plus the values we share around relationships, creates tremendous alignment with our ambitions in self-storage.鈥�
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