Barings, one of the world’s largest diversified real estate investment managers, announced today that it has entered into a joint venture agreement with real estate investment management firm Canvass Capital LLC (“Canvass”) to acquire and develop self-storage properties throughout the Southeastern United States. The joint venture seeks to invest up to $250 million of equity into the self-storage space over the next several years.
The joint venture has also acquired a 3.82-acre site in Hilton Head, SC for the development of a new self-storage facility, with plans to break ground this fall on two buildings containing a combined 1,231 self-storage units and totaling nearly 150,000 rsf.
Barings has strong conviction in the opportunities available in the fragmented self-storage property sector. The sector’s variety and mix of demand drivers has exhibited strong resiliency through economic cycles, particularly during the pandemic as self-storage needs increased. The expansion of self-storage on excess land, retail conversions and upside from technological and operational efficiencies present long-term growth potential.
Read more: PRNewswire
