Heitman Expands Irish Self-Storage Business, U-Store It
Summary
LONDON--(BUSINESS WIRE)--Heitman LLC (“Heitman”), a global real estate investment management firm, today announced the acquisition of a self-storage site in Galway, Ireland, further establishing their U-Store It business as the leading provider of self-storage facilities across the country. This acquisition is consistent with our strategy to strengthen Heitman’s reach in Ireland, a regional market that has been historically characterized by limited competition,” said Tony Smedley, Managing Director and Head of European Private Equity at Heitman. Supply per capita is only 1/20 of that in the United States and the needs-based demand drivers are uncorrelated to GDP. From our perspective, the opportunity is particularly compelling, given that we are at the very early stages of institutionalization and in an environment where opportunities for value can be created at the physical, operational, and platform level.” Through this acquisition, Heitman seeks to meet the storage demand of the Galway community, to benefit from greater economies of scale, and to optimize the earnings potential of the facility by leveraging its operational expertise. Founded in 1966 and headquartered in Chicago, Heitman has 10 offices worldwide and is an active participant in the global real estate property and capital markets.