A US real estate company is investing close to €125 million in U Store-it, Ireland’s biggest self-storage company. Heitman, which has $52 billion (€51 billion) in assets under management worldwide, will purchase U Store-it’s existing self-storage portfolio of six units and develop another four.
The deal involves Heitman paying over €104 million to purchase U Store-it’s sheds in Dublin, Belfast, Cork and Waterford. Heitman will pay another €20 million for four development assets in Dublin and Belfast, documents filed with the Companies Registration Office show.
It is believed that Seamus Lonergan, founder of U Store-it, will stay on to help expand the business across Ireland.
In 2019 Heitman acquired a portfolio of homes in Dublin for €52 million. The investor, which is headquartered in Chicago,