Global real estate investment-management firm Heitman LLC has acquired the three-property All Seasons Self Storage portfolio in Germany. The facilities are in Oldenburg, Osnabruck and Porta Westfalica. The purchase is in line with Heitman’s global investment strategy and focus on smart diversification, according to company officials.
“Our long-standing expertise in self-storage leads us to believe that investors in European self-storage can benefit from being early movers into the asset class as the sector matures,” said Gordon Black, senior managing director and portfolio manager for Heitman. “As we continue to execute our global strategy, we’ll look to invest in accordance with three themes: divergence or smart diversification among traditional property types; convergence or capitalization of maturing or mispriced property types; and delinked or defensive, which involves investing in assets with traits less tied to economic cycles.”
Heitman entered the self-storage industry in 1996 and currently manages more than $5 billion of assets worldwide. Its investment in the German market follows recent acquisitions in the United Kingdom.
“Today, the European self-storage sector is nascent and fragmented, especially compared to the U.S. self-storage sector, and it offers opportunities to aggregate assets, consolidate platforms, and drive value via operational and financial synergies,” said Sébastian Cavé, managing director for Heitman in Germany.
Founded in 1966, Heitman has 10 offices worldwide and $46 billion in assets under management.
Real Asset Insight, Heitman Buys German Self-Storage Ahead of Institutions