Andover Properties, Heitman Form Joint Venture to Grow Self-Storage Portfolio
The two real estate firms are partnering to acquire and expand a diversified self-storage portfolio through a series of joint ventures.
Andover Properties and Heitman have entered into a series of joint ventures aimed at building out a diversified self-storage portfolio, the firms announced Tuesday. Andover Properties describes itself as a vertically integrated alternative real estate investment firm, while Heitman operates as a global real estate investment management company.
The partnership reflects continued institutional interest in the self-storage sector, which has attracted capital from major investors in recent years due to its relatively recession-resistant demand profile and operational scalability. Joint ventures of this kind allow firms to pool acquisition capacity and spread risk across a broader set of assets.
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Details on specific properties, transaction values, or target markets were not disclosed in the announcement. The structure — multiple joint ventures rather than a single deal — suggests the partnership is designed as an ongoing acquisition platform rather than a one-time transaction, positioning both firms to move quickly on future opportunities in the self-storage space.
Andover Properties, based in New York, has built its business around alternative real estate strategies, while Heitman brings a global institutional investor base and broad asset management experience to the arrangement. The combination of an operator with vertical integration and a capital partner with international reach is a common structure in commercial real estate platform deals.
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