CHICAGO / LONDON (IT BOLTWISE) – Blue Vista Capital Management, UBS and Extra Space Storage have joined forces to build the largest private self-storage portfolio in the United States. With seed capital of $600 million, the joint venture aims to expand through strategic investments and developments in this growing market segment.
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Blue Vista Capital Management has teamed up with Swiss bank UBS and real estate investment trust Extra Space Storage to launch an ambitious self-storage project in the US. The goal is to build the largest privately held self-storage portfolio in the country. This partnership combines the strengths of the three companies: UBS’s investor reach, Blue Vista’s experience in specialized real estate platforms and Extra Space’s expertise in the self-storage sector.
The new investment vehicle will have an initial purchase volume of around $600 million. These funds will be used to expand a nationwide portfolio through investments in core, core-plus or value-add self-storage properties as well as through development projects. Peter Stelian, CEO of Blue Vista, emphasizes that the model is designed for long-term growth and follows a cost-effective and potentially high-performance investment strategy.
The self-storage market in the US is increasingly attracting interest from private equity investors, attracted by the positive demographic outlook and robust demand. The sector is currently dominated by a few publicly traded investment trusts, including Extra Space and Public Storage, which together control 20 percent of all rentable self-storage space in the United States. But other major real estate managers, such as Nuveen and Ares Management, have also stepped up their efforts to penetrate this market this year.
The partnership between Blue Vista, UBS and Extra Space grew out of existing relationships and a shared understanding of the market opportunity. Stelian highlights that in an environment where two-thirds of global capital is raised by just ten companies, the importance of partnerships and specialized expertise is growing. The ambitions of the joint venture are high: it should grow to ten to fifteen times the starting capital in order to achieve the set goals.
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