Blue Vista Capital Management has teamed up with the real estate arm of UBS and NYSE-listed Extra Space Storage to invest $600m (鈧�520m) in self-storage assets in the US.
The joint venture will assemble a diversified portfolio of core, core-plus, value-add and development assets across the US with a view to creating a perpetual-life investment vehicle.
Real estate investment trust Extra Space Storage will manage the assets.
Peter Stelian, CEO of Blue Vista Capital Management, said self-storage had been one of the best performing asset classes and that the joint venture had the goal of becoming 鈥渢he largest private owner of self-storage assets in the US鈥�.
Joe Margolis, CEO of Extra Space Storage, said: 鈥淏y combining our self-storage expertise with this innovative investment approach, we鈥檙e positioned to unlock new opportunities and deliver value to our stakeholders.鈥�
Colin Armstrong, portfolio manager for unified global alternatives, real estate at UBS, said: 鈥淭his initiative reflects our commitment to innovative real estate strategies and long-term value creation.
鈥淏y aligning and combining our real estate experience with Blue Vista and Extra Space Storage, we鈥檙e leveraging complementary strengths to build a resilient, high-performing self-storage platform that meets the evolving needs of institutional investors.鈥�
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