QuadReal Property Group has acquired a portfolio of 27 self-storage properties in the United Kingdom to be operated by its new joint venture partner, Clear Sky Capital. The ₤280 million (CAD $515 million) purchase from the vendor, Padlock Euro Storage Fund 1, adds another 1.2 million square feet to QuadReal’s global self storage portfolio, boosting it to 6.3 million square feet in more than 80 facilities in the U.K., Canada and the United States.

QuadReal has also committed an additional ₤200 million (CAD $368 million) of equity to the joint venture with Clear Sky Capital to invest in self storage in the U.K.. Cinch Self Storage, an operating arm of Sky Capital, will manage the properties, while QuadReal holds a 95 per cent ownership interest.

“Self-storage is a key area of conviction for QuadReal,” says Thomas Blangy, the company’s senior vice president, international real estate. “By partnering with Clear Sky and Cinch, we are securing critical mass in a sector characterised by fragmented ownership.”

“QuadReal’s global experience and long-term investment approach make them an ideal partner as we scale the platform and capitalize on the structural demand–supply imbalance in the U.K. self-storage market,” says Iyngaran Muniandy, head of Europe for Clear Sky.