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Nuveen Real Estate and Morningstar Storage acquire 21-property self storage portfolio

Nuveen Real Estate and Morningstar Storage, a fully-integrated private self-storage company, have entered into a joint venture partnership involving a 21-property, high-quality self-storage portfolio in the southern United States.

As part of the joint venture, Nuveen Real Estate acquired 90 percent interest in the portfolio from the seller, Morningstar Storage, which will retain 10 percent and act as the operating partner. The portfolio consists of 11,130 separate units totalling to 1.3mm square feet located in nine different US cities including Atlanta, Georgia, Tallahassee, Florida and Charlotte, North Carolina.

“These properties provide Nuveen Real Estate immediate scale and exposure to one of the fastest growing alternatives sectors of real estate in some of the most sought-after submarkets in the US,” said William Harrison, Managing Director of Housing, Americas.

The Morningstar facilities are concentrated in cities with favourable demographic trends and projected population growth. The portfolio averages 11 years in age and an 85 percent occupancy rate. 65 percent of the units in the portfolio are climate controlled and are located along major thoroughfares with excellent signage and visibility.

“Nuveen Real Estate sees the self-storage sector as a defensive asset class with relatively low capital requirements, making it a strong complement to our core holdings in the housing, retail, office and industrial sectors,” added Harrison.

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