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Starwood Real Estate Income Trust and Morningstar Properties form self-storage JV
Investors - JANUARY 4, 2022

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Starwood Real Estate Income Trust and Morningstar Properties form self-storage JV

by Andrea Zander

Starwood Real Estate Income Trust, Inc. (SREIT), a non-listed REIT managed by a subsidiary of Starwood Capital Group, and Morningstar Properties, an owner and operator of self-storage facilities under the Morningstar Storage brand, have formed a joint venture to own and operate high-quality stabilized assets in the self-storage sector.

The joint venture includes the recapitalization of 25 assets owned by Morningstar owned and managed funds, as well as a commitment of capital to continue acquiring assets in the sector under the Morningstar brand.

Ethan Bing, managing director at Starwood Capital, said, “We look forward to partnering with Morningstar and adding self-storage into SREIT’s portfolio of assets. The sector’s stable cash flows fit well with SREIT's yield and long-term hold objectives. Morningstar is a best-in-class branded operator, and this partnership provides immediate scale in a fragmented sector in addition to creating a platform for substantial gro

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