GLP Capital Partners Inc Announces $1.5B Final Closing of Self-Storage Property Fund

GCP US's self-storage platform closes largest-ever self-storage real estate fund

SANTA MONICA, Calif., Nov. 15, 2022 /PRNewswire/ -- GLP Capital Partners Inc ("GCP US") today announced the final closing of its North American self-storage real estate fund, GCP SecureSpace Property Partners (the "Fund"). The Fund was oversubscribed at its $1.5B hard cap, making it the largest self-storage fund ever raised. The Fund secured commitments from a diverse group of limited partners including domestic and international institutional investors, including public and corporate pensions, insurance companies, asset management firms, and family offices.

GCP US is a registered investment adviser focused on uncovering advantaged opportunities in logistics real estate, self-storage and related technologies. GCP US's self-storage platform, GCP Storage Advisors ("GSA"), is strategically positioned at the intersection of technology, operations, and capital to create scalable advantages across the investment life cycle. The GSA team has deep self-storage sector investment and operating experience and utilizes technology to enhance its investment and operating processes.

"The closing of our inaugural value-add fund marks a major milestone for GCP US's self-storage platform," said Daniel Ward, Head of Asset Management at GCP US. "We are excited about the SecureSpace brand and operating platform we have built and the premium, scaled portfolio we have assembled in densely populated, high barrier-to-entry markets. The current macroeconomic environment is particularly conducive for well-capitalized platforms with sophisticated operating capabilities like ours, and we believe GSA's coastal-focused strategy positions us to outperform."

GSA operates its assets under the SecureSpace brand, focusing on exceptional customer service and modern assets and amenities, including upgraded security features. The GSA team has developed and refined an integrated, technology-enhanced operating and marketing platform, which uses proprietary systems to optimize lease-up and revenue management.

"Characterized by generally non-cyclical, diversified customer demand, the self-storage sector has delivered strong historical performance through cycles, particularly in our undersupplied markets," said Keith Wetzel, Co-Founder and Senior Managing Director at GSA. "The sector's monthly lease terms provide a strong inflation hedge in today's environment and the Covid-era surge in demand for home office space and decluttering options, coupled with a longer-term trend of declining home sizes has generated remarkably sticky, sustained demand."

"We greatly appreciate all the investors that took the time and effort to learn more about the evolving self-storage sector, as well as the GSA platform and portfolio," added GSA Co-Founders and Senior Managing Directors, Paul Brown and Zack Linford. "Investor support to hit our hard cap in about eight months from the initial closing is really a testament to the quality of our team and affirmation of our strategy to focus on Class A assets in supply constrained markets."

The Fund aims to aggregate a scaled portfolio of high-quality, modern assets in dense, undersupplied population centers and provide an exceptional customer experience with GSA's vertically integrated SecureSpace operating platform. At its final closing, the Fund was significantly pre-specified, with over 7M square feet of assets closed or controlled, primarily consisting of high-quality, newer vintage assets with strong local demographics.

GLP Capital Partners Inc ("GCP US") is a registered investment adviser focused on uncovering advantaged opportunities in logistics real estate, self-storage and related technologies. We bring together synergies across adjacent asset classes to provide risk-adjusted returns and long-term value to institutional investors. GCP US is part of GLP Capital Partners Limited ("GCP"), a global alternative asset manager with $115B in AUM. For more information, visit www.glpcp.com.

GCP Storage Advisors ("GSA") is the US-based self-storage operating platform of GLP Capital Partners Inc ("GCP US") and is one of the fastest growing self-storage platforms in the US. GSA is strategically positioned at the intersection of technology, operations and capital to create scalable advantages across the investment lifecycle. GSA operates its assets under the SecureSpace brand, focusing on exceptional customer service and modern assets and amenities, including upgraded security features.

SOURCE GLP Capital Partners Inc