The facility has been acquired for 13.45M from storage investment group StoreInvest
January 22, 2017: Based in Sydney, EG Funds Management, an Australia-based real estate fund manager, has acquired a StoreLocal self-storage facility in Northcote, Australia.
The asset has 4,650 square meters of leasable space in 550 units. It’s the first acquisition made under Yield Plus Infrastructure Fund No. 2 (YPI 2), which was launched in August, according to a press release.
“The sale of the StoreLocal Northcote facility represented an ideal asset recycling opportunity for our investment group as the future residential redevelopment value opportunity is not within our mandate,” said Hans Pearson, director of StoreInvest. “Our strategy of adding value through expansion and then rezoning has provided our investors with an outstanding income and capital return since acquiring the asset in 2011.”
YPI 2 launched as “a $750 million real estate fund targeting yielding assets near new or upgraded infrastructure,” the release stated.
StoreLocal Pty. Ltd. merged with Fort Knox Self Storage last April, creating a $160 million portfolio of 38 facilities along Australia’s eastern coast. The combined portfolio included 33 Fort Knox locations and five StoreLocal properties. At the time of the merger, company officials indicated StoreLocal would continue to pursue acquisitions and development through StoreInvest, a managed-funds platform owned by Rob Mactaggart and Pearson.
The Australian StoreLocal is unaffiliated with StoreLocal Corp., a co-op of private self-storage operators in Canada and the United States.