NEW YORK, Feb. 27, 2023 /PRNewswire/ — Nuveen Actual Property, one of many largest actual property funding managers on the planet with greater than $154 billion of belongings beneath administration, introduced that it has invested in MyPlace, a vertically-integrated self-storage platform, that was just lately launched by thirty-year trade veteran, Kurt O’Brien, the founder and former CEO of Merely Storage.
MyPlace will function nationally however will primarily deal with secondary markets throughout the Midwest, Sunbelt, and Mountain West with robust demographic traits and restricted self-storage provide. With a deal with know-how, MyPlace will leverage its experience to automate lots of its services and streamline operations. MyPlace and Nuveen began buying belongings collectively in 2022 and have roughly $300 million of belongings beneath administration throughout each value-add and core-plus methods – the partnership goals to strategically develop its AUM to roughly $1 billion over the subsequent two years.
“We’re thrilled to companion with a confirmed chief, like O’Brien, who’s aligned with our development and operational objectives in a sector we proceed to prioritize. We consider our funding in MyPlace permits us to regulate best-in-class operations to drive additional worth for our buyers,” stated Michael Hunter, World Co-head of Housing and Options at Nuveen Actual Property.
“Benefiting from non-cyclical demand drivers, restricted cap-ex, and favorable demographic tailwinds, the outlook for the self-storage sector is a compelling alternative. We consider our rigorously crafted acquisition and administration technique will place us nicely for continued outperformance within the sector,” echoed Nuveen’s Melissa Reagen, Managing Director, and Portfolio Supervisor of the U.S. Strategic Options Fund — a diversified actual property fund investing throughout different sectors, together with self-storage.
Nuveen Actual Property, one of many largest self-storage house owners globally, will proceed to put money into the sector by way of each one-off shopping for in addition to selective portfolio acquisitions funded by present Nuveen accounts and devoted third-party capital. By way of MyPlace, Nuveen will convey direct operational capabilities to its funding platform.
“I look ahead to as soon as once more developing an organization that makes use of innovative know-how, builds on all of my expertise and leverages the outcomes which have constantly delivered distinctive efficiency over my profession,” stated O’Brien. “I am excited to companion with Nuveen and look ahead to rising our platform with best-in-class expertise. We couldn’t be extra excited in regards to the timing because the funding local weather favors environment friendly and nicely capitalized operators.”
MyPlace was based in Orlando, FL, by O’Brien, who has twice constructed two of the most important personal self-storage platforms within the U.S. Notably, O’Brien’s final self-storage firm, Merely Self Storage, was as soon as the most important personal self-storage operator earlier than it was offered in two elements to iStorage and Blackstone for a mixed valuation of roughly $2.5 billion. O’Brien is considered having helped institutionalize the storage trade, given his three many years of tenure, and has beforehand labored with buyers, together with Brookfield, Blackstone, GE Capital, and Oaktree. Alongside roughly $7 billion of complete transactions expertise, O’Brien has additionally developed dozens of belongings and managed a whole lot.
Nuveen began investing in self-storage in 2003 and stays a top-15 personal proprietor within the sector, having practically doubled its AUM since 2019 following the formation of Hunter’s different actual property staff that focuses on rising and area of interest asset courses. Nuveen’s funding in MyPlace follows different comparable strategic transactions it has extra just lately made, having invested in a number of main actual property working firms, during the last a number of years.
John Simonis and Dan Hagedorn of Reed Smith supplied authorized companies to Nuveen and Larry Medvinsky and Tushna Gamadia of Morrison & Foerster supplied authorized companies to Kurt O’Brien.
Nuveen Actual Property
Nuveen Actual Property is without doubt one of the largest funding managers on the planet with $154 billion of belongings beneath administration.
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Supply: Nuveen, 30 Sep 2022.