US real estate firm invests €125 million in U Store-It

A US real estate company is investing close to €125 million in U Store-it, Ireland’s biggest self-storage company with sheds in Ballymount.

Heitman, which has €51 billion in assets under management worldwide, will purchase U Store-it’s existing self-storage portfolio of six units and develop another four.

The deal involves Heitman paying over €104 million to purchase U Store-it’s sheds in Dublin, Belfast, Cork and Waterford.

Heitman said it has invested in U Store-It and plans to help expand the self-storage platform across Ireland and Northern Ireland.

U Store plans to develop two additional sites in Dublin and Belfast.

Heitman will pay another €20 million for four development assets in Dublin and Belfast, documents filed with the Companies Registration Office show.

It is believed that Seamus Lonergan, founder of U Store-it, will stay on to help expand the business across Ireland.

In 2019 Heitman acquired a portfolio of homes in Dublin for €52 million.

Headquartered in Chicago, Heitman, has invested in self-storage since 1996, has a more than $7bn self-storage portfolio globally.

The firm’s recent investments include the acquisition of Space Station in the UK and All Seasons in Germany.

Global real estate advisor, CBRE, advised the owners of the business alongside Grant Thornton.