Schroders PLC, a global investment-management firm, has entered the self-storage market with the purchase of a five-property portfolio in London for £44M. The Schroder UK Real Estate Fund (SREF) acquired the facilities from The Self-Storage Co. The assets total more than 230,000 square feet of storage space, according to the source.

As part of the deal, SREF will acquire The Self Storage Co. brand and intellectual property. It plans to retain the company’s staff to manage the portfolio, the source reported. The fund will also look at expanding through acquisitions.

“The growth in demand [for] self-storage is inextricably linked to key demographic trends that are driving demand for real estate,” said James Lass, fund manager at SREF. “The way we use space is changing like never before, and consumers are now increasingly looking for flexible storage in response to shifting demographic trends for a variety of different reasons.”        

Founded in 1804 and headquartered in London, Schroders has 41 offices in 27 countries. It’s traded on the London Stock Exchange.

Sources: