QuadReal Property Group (QuadReal) has acquired a 27-asset, self-storage portfolio from Padlock Euro Storage Fund I for £280m as part of a new joint venture with Clear Sky Capital (Clear Sky).
The JV will focus on the UK self-storage market in the UK with QuadReal holding a 95% interest. In addition to the 1.2m sq ft portfolio purchased from Padlock, the JV will commit a further £200m of equity to invest in UK self-storage assets.
Cinch Self Storage, a portfolio operating company owned by Clear Sky Capital investors, has been appointed as asset and property manager for the JV.
Thomas Blangy, senior vice president, international real estate, at QuadReal, said: “Self-storage is a key area of conviction for QuadReal and this transaction expands our presence in the UK market, where demand for quality storage facilities continues to grow. By partnering with Clear Sky and Cinch, we are securing critical mass in a sector characterised by fragmented ownership, further enhancing our global portfolio and ability to deliver stable returns.”
Iyngaran Muniandy, head of Europe at Clear Sky, added: “We are excited to continue the Cinch Self Storage journey alongside a tier-one institutional partner such as QuadReal. Their global experience and long-term investment approach make them an ideal partner as we scale the platform and capitalise on the structural demand–supply imbalance in the UK self storage market. Together, we look forward to expanding the portfolio and delivering high quality, risk-adjusted returns for our investors.”
Nick Mumby, client partner at Gowling WLG, which advised Clear Sky on the transaction, said: “This transaction is a fantastic example of what can be achieved through long-term collaboration and truly integrated advice. We have worked closely with Clear Sky Capital from the early stages of assembling and scaling this portfolio through to its successful realisation, and this sale reflects both the quality of the assets and the strength of the strategy. It was a complex, multi-disciplinary exercise requiring seamless coordination across teams, and I am incredibly proud of the way the firm came together to deliver a first-class outcome for the client.”
