Armadillo acquires self storage portfolio in North East
22nd March 2018
Big Yellow’s Armadillo Self Storage has completed the acquisition of a 105,000 sq ft freehold portfolio from 1st Storage Centres.
The portfolio comprises more than 100,000 sq ft of lettable self storage space across two stores located in Newcastle-upon-Tyne and Gateshead.
Jim Gibson, chief executive of Big Yellow, said "This is an important acquisition for Armadillo Self Storage, expanding our footprint into the North East with the acquisition of Newcastle and Gateshead. The Armadillo platform now consists of 22 stores with a total capacity of 965,000 sq ft, and we continue to look for opportunities to acquire good quality regional assets.”
JLL’s alternatives team acted on behalf of the shareholders of 1st Storage Centres.
This is JLL’s second sale to Armadillo in four months, having advised on the asset sale of Store it4u in Stockton-On-Tees at the end of 2017.
Tom Caines, senior surveyor at JLL, added, "This is our sixth transaction in the sector in under a year, which demonstrates the growing demand for well invested self storage assets across the UK, and reflects the continued consolidation of the market as investors build platforms through a mixture of M&A and new development.”