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 92,000ft² 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.
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 365,000ft² of assets in operation or development, with ambitions to deliver a further 270,000ft² by 2022. At present, all of Legal & General’s operational self-storage assets are managed by Surestore.
Michael Barrie, Director of Fund Management, LGIM Real Assets, said: “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.”