Press releases

Legal & General acquires two self storage assets, adding c.100,000 sq. ft. to its rapidly growing portfolio

LGIM Real Assets (Legal & General) continues to build and diversify its real estate portfolio with the acquisition of two purpose built operational self storage assets in Bury and Lichfield, providing over 92,000 sq. ft. of combined lettable space. These transactions demonstrate a continued focus on investing in operational assets, and follow a year of acquisitions and developments for its self storage portfolio

30 Nov 2020


Full press release

The self storage sector in the UK has grown significantly in recent years, and today it makes up 41% of the European self storage market1. Recent findings show that whilst there are now approximately 1,900 self storage sites in the UK2, only 35% of these are purpose built - representing a significant opportunity for investors.

Since entering the market last year, LGIM Real Assets has rapidly expanded its self storage portfolio with operational assets in Cannock, Northwich, Bolton, Stafford, Bury and Lichfield, and development sites in Wokingham and York. Today, its portfolio exceeds 365,000 sq. ft. of assets in operation or development, with ambitions to deliver a further 270,000 sq. ft. by 2022.

Whilst the coronavirus pandemic has created challenges and driven secular changes across areas of the real estate sector, self storage has shown strong performance throughout, demonstrating continued demand for high quality, well located purpose built self storage assets. Across the Real Assets operational portfolio, occupancy has remained strongly in line with the business plan throughout the coronavirus pandemic, with enquiries and lettings reverting to pre Covid levels by Q3 2020.

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."

Further information

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Jessye Brandon

PR Executive

LGIM Real Assets

T: 07584498775

Email Jessye Brandon

Notes to editors

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with international businesses in the US, Europe, Middle East and Asia. With almost £1.3 trillion in total assets under management*, we are the UK’s largest investment manager for corporate pension schemes and a UK market leader in pension risk transfer, alternative asset origination, life insurance, workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.

* at 30 June 2021