GCP US Self-Storage Platform Closes Largest Self-Storage Real Estate Fund Ever
SANTA MONICA, Calif., November 15, 2022 /PRNewswire/ — GLP Capital Partners Inc (“GCP US”) today announced the final closing of its North American self-storage real estate fund, GCP SecureSpace Property Partners (the “Fund”). The Fund was oversubscribed to its $1.5 billion hard cap, making it the largest self-storage fund ever raised. The Fund has secured commitments from a diverse group of limited partners, including domestic and international institutional investors, including public and corporate pension plans, insurance companies, asset management companies and family offices.
GCP US is a registered investment adviser focused on uncovering advantageous opportunities in logistics real estate, self-storage and related technologies. GCP US’ self-service storage platform, GCP Storage Advisors (“GSA”), is strategically positioned at the intersection of technology, operations, and capital to create scalable advantages across the lifecycle. investment life. The GSA team has deep investment and operating experience in the self-storage industry and uses technology to improve its investment and operating processes.
“The closing of our first value-added fund marks an important milestone for GCP US’ self-storage platform,” said Daniel Ward, Head of Asset Management at GCP US. “We are excited about the SecureSpace brand and operating platform we have built and the high-end, scale portfolio we have assembled in densely populated, high barrier-to-entry markets. “The current macro environment is particularly conducive to well-capitalized rigs with sophisticated operations capabilities like ours, and we believe GSA’s shoreline-focused strategy positions us to outperform.”
GSA operates its assets under the SecureSpace brand, focusing on exceptional customer service and modern assets and equipment, including enhanced security features. The GSA team has developed and refined an integrated, technology-enhanced operations and marketing platform that uses proprietary systems to optimize rental and revenue management.
“Characterized by generally non-cyclical and diverse customer demand, the self-storage industry has delivered strong historical performance across cycles, particularly in our undersupplied markets,” said Keith Wetzel, co-founder and senior managing director at GSA. “The industry’s monthly rental terms provide a strong hedge against inflation in the current environment and increased demand for Covid-era home office space and decluttering options, coupled with a longer-term trend of shrinking home sizes, has generated remarkably stable and sustained demand.”
“We greatly appreciate all of the investors who have taken the time and effort to learn about the evolution of the self-storage industry, as well as the GSA platform and portfolio,” added the co-founders and managing directors. from GSA, Paul Brown and Zack Linford. “Investor support to reach our absolute high in approximately eight months from the initial close is truly a testament to the quality of our team and the affirmation of our strategy of focusing on Class A assets in lower priced markets. limited offer.”
The Fund aims to aggregate a large-scale portfolio of modern, high-quality assets in dense, underserved population centers and deliver an exceptional customer experience with GSA’s vertically integrated SecureSpace operating platform. At its final close, the Fund was largely pre-specified, with over 7M square feet of gated or controlled assets, primarily comprised of newer, high-quality vintage assets with strong local demographics.
About GLP Capital Partners Inc.
GLP Capital Partners Inc (“GCP US”) is a registered investment adviser focused on uncovering advantageous opportunities in logistics real estate, self-storage and related technologies. We bring together synergies between adjacent asset classes to deliver risk-adjusted returns and long-term value to institutional investors. GCP US is part of GLP Capital Partners Limited (“GCP”), a global alternative asset manager with $115 billion in AUM. For more information, visit www.glpcp.com.
About GCP Storage Advisors
GCP Storage Advisors (“GSA”) is the United States-based self-storage operating platform of GLP Capital Partners Inc (“GCP US”) and is one of the fastest growing self-storage platforms fast in the United States. GSA is strategically positioned at the intersection of technology, operations and capital to create scalable advantages throughout the investment lifecycle. GSA operates its assets under the SecureSpace brand, focusing on exceptional customer service and modern assets and equipment, including enhanced security features.
SOURCE GLP Capital Partners Inc.