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Alternative Investment

GLP Capital Partners Closes $1.5B Self-Storage Investment Fund

GLP Capital Partners (GCP), an investment adviser specializing in logistics real estate, self-storage and related technologies, has closed its North American self-storage real estate fund, GCP SecureSpace Property Partners, after it oversubscribed its hard cap of $1.5 billion. At close, the fund had more than 7 million square feet of assets under its control, according to a press release.

GCP is an affiliate of GCP Storage Advisors (GSA), which operates assets under the SecureSpace Self Storage brand. The fund received commitments from domestic and international institutional investors including asset-management firms, corporate and public pensions, family offices, and insurance companies, the release stated.

“The closing of our inaugural, value-add fund marks a major milestone for [our] self-storage platform,” said Daniel Ward, head of asset management for GCP. “We are excited about the SecureSpace brand and operating platform we have built, and the premium, scaled portfolio we have assembled in densely populated, high-barrier-to-entry markets. The current macroeconomic environment is particularly conducive for well-capitalized platforms with sophisticated operating capabilities like ours, and we believe GSA’s coastal-focused strategy positions us to outperform.”

“Characterized by generally non-cyclical, diversified customer demand, the self-storage sector has delivered strong historical performance through cycles, particularly in our undersupplied markets,” said Keith Wetzel, co-founder and senior managing director of GSA. “The sector’s monthly lease terms provide a strong inflation hedge in today’s environment; and the COVID-era surge in demand for home-office space and decluttering options, coupled with a longer-term trend of declining home sizes, has generated remarkably sticky, sustained demand.”

GCP is part of GLP Capital Partners Ltd., a global alternative-asset manager with $115 billion in assets under management, according to the release.

Based in Torrance, California, SecureSpace is the operating brand for Insite Property Group. It has more than 35 facilities in 11 states.

Source: PR Newswire, GLP Capital Partners Inc Announces $1.5B Final Closing of Self-Storage Property Fund

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