Mayfair Capital Investment Management has struck its first deal in the self-storage market.
The fund manager has bought The Storage Team, based in the North West of England. The deal sees Mayfair Capital pick up the target’s real estate, intellectual property and company brand, and form a joint venture with its management team.
Alongside the deal, Mayfair Capital has picked up three new sites and two refurbishing opportunities, taking the portfolio to eight properties across the North, East and Midlands.
James Lass, head of special transactions at Mayfair Capital, said: “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.”
Kevin Thompson, The Storage Team’s chief executive, said: “The prospect presented by Mayfair to not only acquire our portfolio but to retain management to assist in aggressively growing the platform was exciting for The Storage Team. In such a short period of time, Mayfair have been true to their word as the portfolio has already doubled in size.”
The Storage Team was advised by JLL.
To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews
