Global real estate investment management firm Heitman has announced the acquisition of Squab Daventry, a self-storage asset located in the UK Midlands.
Financial details were not disclosed.
The investment marks the second acquisition expanding Space Station, a UK self-storage platform that a Heitman affiliate acquired in late 2020, and adds further density into a key target region of the country.
Caleb Mercer, Heitman managing director of European Real Estate Investment, said: 'We are pleased to add the Squab Daventry asset to the Space Station portfolio.
'The asset presents an ideal opportunity to enhance value through the continuation of its conversion and the addition of external storage units.'
In the near-term, Heitman plans to enhance the offering in the asset and provide higher quality storage solutions to the local community.
Added Mercer: 'As we continue to observe tangible economic recovery, we see significant opportunities within the self-storage sector and more broadly alternative real estate, given their secular demand drivers and attractive risk profile.
'We look forward to continuing to execute upon our European investment strategies and scaling the Space Station platform with further self-storage assets across the UK.'
Heitman has been an investor in self-storage since 1996 and plans to continue the expansion of Space Station through further acquisitions of assets and businesses across the country.
Heitman manages more than $5 bn (€4.3 bn) of self-storage assets across the globe. Specific to the UK and Europe, a Heitman-managed investment vehicle owned 51% of the region’s largest self-storage operator, Shurgard, for more than 10 years prior to its IPO in 2018.