U.K.-based Mayfair Capital Investment Management Ltd. has acquired The Storage Team (TST) in Northwest England. The transaction marks Mayfair’s entry into the self-storage sector. The transaction includes all TST branding, intellectual property and real estate as well as the formation of a joint venture to manage and scale the portfolio, according to a press release.
TST operates self-storage in St. Helens, Widnes and Wigan, England. Subsequent to the sale, Mayfair acquired three more existing facilities and two conversion properties it intends to open next year. The additions will expand the TST portfolio to eight total locations. Future expansion will focus on the East, Midlands and North regions, the release stated.
“We are delighted to have entered the self-storage sector, which is in line with our thematic approach to investing,” said James Lass, head of special transactions for Mayfair. “This acquisition provides a scalable platform in a supply-constrained sector of the market where the underlying growth is linked to structural change rather than short-term economic factors. With a pipeline of additional assets in place, we look forward to expanding the portfolio in the near future.”
“The prospect presented by Mayfair to not only acquire our portfolio but to retain management to assist in aggressively growing the platform, was exciting,” said TST CEO Kevin Thompson. “In such a short period of time, Mayfair have been true to their word as the portfolio has already doubled in size. In addition, new opportunities are currently being actively sought and considered in the form of both existing assets and new store developments.”
Mayfair uses a five-tenet scoring model to evaluate the current and future “occupational demand” of its investments: change and disruption, climate and environment, communities and clustering, consumers and lifestyle, and connectivity, company officials said.
Founded in 2003, Mayfair is the U.K. arm of Swiss Life Asset Managers, a European real estate management firm with approximately £77 billion in assets under management.
Source: Property Funds World, Mayfair Enters Self-Storage Market