At present, all of Legal & General’s operational self storage assets are managed by Surestore. LGIM Real Assets continues to work successfully alongside Surestore, which has been significant to its rapid growth within the sector.
The acquisition of the SureStore self storage assets in Bury and Lichfield were made by Legal & General’s Industrial Property Investment Fund (IPIF), which is valued at over £2.3 billion and specialises in multi-let industrial and trade assets alongside its growing self storage portfolio. Bury and Lichfield will continue to be managed by Legal & General’s storage partner SureStore Management Services. JLL brokered the sales in Bury and Lichfield, taking the total assets within the Surestore pipeline sold to six.
Michael Barrie, Director of Fund Management, LGIM Real Assets: "Led by our in-house self storage experts Jessica Cunningham and Matthew Lilley, we continue to look for opportunities to acquire operational facilities and development sites, alongside repurposing underutilised assets within our own real estate portfolio. Recent development plans include; repositioning prominent industrial sites, partial repurposing of retail parks and progressing mixed use self storage anchored schemes. Together, these are expected to provide resilient and diversified income streams on assets across multiple funds, further enhancing our portfolio."