L&G expand storage portfolio

Legal and General (LGIM) continues to expand its portfolio of storage facilities and warehouses with its most recent acquisition.

LGIM Real Assets has acquired two purpose built operational self storage assets in Bury and Lichfield, which will provide over 92,000 sq. ft. of combined lettable space.

Since entering the market last year, LGIM Real Assets has rapidly expanded its self storage portfolio with operational assets in Cannock, Northwich, Bolton and Stafford.

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Currently, its portfolio exceeds 365,000 sq. ft. of assets in operation or development, with ambitions to deliver a further 270,000 sq. ft. by 2022.

Michael Barrie, director of Fund Management for LGIM Real Assets, said: “Led by our in-house self storage experts Jessica Cunningham and Matthew Lilley, we continue to look for opportunities to acquire operational facilities and development sites, alongside repurposing underutilised assets within our own real estate portfolio.

“Recent development plans include; repositioning prominent industrial sites, partial repurposing of retail parks and progressing mixed use self storage anchored schemes.”

He added: “Together, these are expected to provide resilient and diversified income streams on assets across multiple funds, further enhancing our portfolio.”

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