QuadReal Property Group, a global real estate investment, development and operating company, today announced the £280M acquisition of a 27-asset, self storage portfolio in the United Kingdom from Padlock Euro Storage Fund I (the “Fund”), as well as the establishment of a new joint venture partnership (the “JV”) with Clear Sky Capital, Inc., a privately owned real estate investment management and development company.
The JV will focus on the self storage market in the UK with QuadReal holding a 95% interest. Alongside the 1.2M sq. ft portfolio, the JV will commit a further £200M of equity to invest in UK self storage. Cinch Self Storage, a portfolio operating company owned by Clear Sky Capital investors, has been appointed as asset and property manager for the JV. The Fund will not have any interest in the JV or the portfolio in connection with the sale of the portfolio to the JV.
Furthering QuadReal’s strategy to invest in quality storage facilities in key submarkets, the UK portfolio is concentrated in the southeast and consists of new generation self storage facilities with robust security technology, EV charging capabilities, and expanding climate-controlled options.
The addition of these facilities follows QuadReal’s recent acquisition of Maple Leaf Self Storage in Canada. QuadReal’s self storage portfolio now includes over 80 assets and more than 6,300,000 sq. ft globally.
“Self storage is a key area of conviction for QuadReal and this transaction expands our presence in the UK market, where demand for quality storage facilities continues to grow,” said Thomas Blangy, Senior Vice President, International Real Estate, QuadReal. “By partnering with Clear Sky and Cinch, we are securing critical mass in a sector characterised by fragmented ownership, further enhancing our global portfolio and ability to deliver stable returns.”
“We are excited to continue the Cinch Self Storage journey alongside a tier-one institutional partner such as QuadReal. Their global experience and long-term investment approach make them an ideal partner as we scale the platform and capitalise on the structural demand–supply imbalance in the UK self storage market. Together, we look forward to expanding the portfolio and delivering high-quality, risk-adjusted returns for our investors,” said Iyngaran Muniandy, Head of Europe, Clear Sky.
QuadReal’s investment strategy, global experience and local market expertise has established it as one of the top 20 real estate investors globally.