TPG, Aermont, and Shurgard have placed non-binding offers for Access Self Storage, a privately owned network of storage facilities valued at over £1bn.
Sources indicate that QuadReal Property Group, a Canadian property investor, is also in the bidding process.
JP Morgan is overseeing the auction, which is anticipated to fetch well over £1bn. Blackstone, a leading private equity investor in real estate, reviewed the opportunity but opted not to participate.
The self-storage sector has seen a surge in M&A activity over the past year. In 2023, Shurgard acquired Lok ‘n’ Store in a deal worth nearly £380m. Safestore and Big Yellow continue to dominate the UK market.
A transaction for Access Self Storage is expected to be finalized in the coming months, as competition intensifies among investors seeking to expand in the self-storage industry.
Source: Sky News
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