The board of directors of Stor-Age Property REIT Limited announce that it has entered into a joint venture (‘JV') with Nuveen Real Estate (‘Nuveen') and that the JV has acquired the four property Easistore portfolio (‘Easistore' or ‘the portfolio') in the UK (the ‘Acquisition'). Nuveen will acquire 90% and Stor-Age a 10% equity interest in the JV respectively, with the properties to be branded and managed by Storage King under its third-party management platform - Management 1st. Stor-Age's equity contribution in the Acquisition is £4.4 million (including transaction and rebrand costs), with an estimated forecast pre-tax yield on investment of 15%.

The JV provides an opportunity for Stor-Age to partner with one of the largest, most established global investment managers. Nuveen has USD 154 billion of assets under management, with an 85-year investment track record, for which the Acquisition forms part of their European Value Add strategy. The JV allows Stor-Age to grow and achieve further scale in the UK whilst providing an attractive return on invested capital.

It also continues to leverage the third-party management platform, through generating both acquisition and ongoing property management fees. The initial objective of the JV is to implement the portfolio rebrand and management platform overlay, with a view to expanding Nuveen's exposure to self storage assets across the UK over the medium-term.