Stor-Age to manage Hines’ self-storage portfolio in UK
Stor-Age Property has entered into a third-party management agreement with privately owned global real estate investment, development and management firm Hines, to manage their recently acquired self-storage portfolio in the UK.
Hines, which has a presence in 30 countries and $94.6bn of assets under management, recently concluded the acquisition of the three-property Kent Space self-storage portfolio in the southeast of England.
The portfolio, acquired on behalf of Hines European Real Estate Partners 3 (HEREP III) from a local private family proprietor, represents Hines’ entry into the UK self-storage market and will underpin their selfstorage portfolio assembly ambitions in the UK, which will be executed by acquiring existing stores and completing new developments, Stor-Age said in a statement on Monday.
The properties in the Kent Space portfolio are located in Ashford, Chatham and Ebbsfleet and offer 7,250m² of self-storage space and about 2,800m² of complementary office space. Adding the portfolio to the Storage King platform is highly complementary to the company’s existing offering in Kent. The HEREP III fund is seeking to grow a portfolio valued at over £200m, initially focused on the UK but expanding into European markets in the near future.
“This latest management contract further supports the high regard with which Storage King is regarded in the UK selfstorage market, reaffirming the high quality and sophistication of the operating platform,” Stor-Age said CEO Gavin Lucas.
The Cape Town-based real estate investment trust owns, acquires, develops and manages self-storage assets in metropolitan areas across SA and the UK.
“We look forward to working with Hines as they look to expand their presence in the UK self-storage market.”
Storage King now operates 43 properties throughout the UK with total GLA of more than 175,000m² .