TIAA, Nuveen acquire Norwegian self-storage firm
T-C Storage HoldCo, an indirect subsidiary of Teachers Insurance and Annuity Association (TIAA), advised by Nuveen Asset Management Europe, has plans to acquire Self Storage Group ASA, a Norwegian self-storage firm, for NOK 3.79 billion ($350 million).
“TIAA is a major owner of self-storage in the United States and Europe, having invested in the sector for more than 20 years,” said Mario Pello, head of TIAA general account, Europe at Nuveen Real Estate. “In Europe, we have been actively monitoring the growth journey of the company for a long period of time given the high quality of the portfolio, the company’s dominant positioning in the Norwegian market and strong synergies with our existing Swedish platform. Through the acquisition of the company, we will create a unique pan-Nordic platform with market-leading positions in Norway and Sweden — two of our high conviction markets — with scope to expand further into Denmark.”
TIAA and Nuveen completed their