Heitman acquires U.K. self-storage business in off-market deal

Heitman has acquired a U.K. self-storage business known as Space Station, on behalf of Sunsuper, one of Australia’s largest superannuation funds, in an off-market transaction.

Financial terms were not disclosed.

Heitman has plans to expand the 10-facility platform through the acquisition of additional self-storage assets and businesses across the country. The firm will deploy value-creation strategies through upgrades to the operating system and process, as well as property improvement and expansion initiatives.

“We are pleased to add the Space Station platform to our portfolio of self-storage assets,” noted Caleb Mercer, managing director of European Real Estate Investment at Heitman. “There is significant opportunity within Europe to add value to self-storage portfolios as the sector continues to mature across the region.”

Heitman manages more than $5 billion of self-storage assets across the world.

“We see significant latent value in