Harrison Street, an investment-management firm focused on alternative real estate assets, has entered the European self-storage market through a joint venture with property-management firm Pacific Investments. Together, they plan to develop a \u00a3150 million portfolio over the next three to five years by targeting undersupplied areas across the\u00a0United Kingdom, according to a press release.<\/p>\n
The\u00a0partnership\u00a0is projected to be seeded with three self-storage facilities comprising 138,000 square feet\u00a0and\u00a0a pipeline of ground-up and conversion development projects\u00a0that have\u00a0already\u00a0been\u00a0identified. Pacific\u2019s majority-owned\u00a0industry\u00a0platform, Engage Management Services, will operate the assets under the Here Self Storage brand, which operates facilities in Loughborough, Northampton and Salisbury, England. Harrison Street plans\u00a0to expand\u00a0into other European markets, the release stated.<\/p>\n
\u201cWe are thrilled to enter a new property sector in Europe and believe it\u2019s the opportune time to expand Harrison Street\u2019s self-storage platform into the U.K., a market that has a promising outlook supported by resilient fundamentals and increasing liquidity,\u201d said Paul Bashir, CEO for Europe at Harrison Street. \u201cWith an established track record across our [U.S.] self-storage platform, we see a unique opportunity to apply our expertise and partner with Pacific Investments to deliver high-quality self-storage assets in the U.K. We remain committed to identifying and investing in compelling opportunities across alternative sectors as we continue to expand our presence in Europe.\u201d<\/p>\n