QuadReal Property Group has acquired a 27-asset self-storage portfolio in the United Kingdom from Padlock Euro Storage Fund I, as well as the establishment of a new joint venture partnership with Clear Sky Capital, a privately owned real estate investment management and development company.
The joint venture will focus on the self-storage market in the United Kingdom, with QuadReal holding a 95 percent interest. Alongside the 1.2 million-square-foot portfolio, the joint venture will commit a further £200 million ($267.4 million) of equity to invest in U.K. 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 joint venture. The fund will not have any interest in the joint venture or the portfolio in connection with the sale of the portfolio to the joint venture.
Furthering QuadReal’s strategy to invest in quality storage facilities in key submarkets, the U.K. por
