CDPQ Real Estate Unit Bets on Self Storage Industry in the U.S.
Posted on 06/28/2023
Ivanhoé Cambridge, a global real estate entity owned by Caisse de Depot et Placement du Quebec (CDPQ), formed a partnership with Safely Store Self Storage (Safely Store), targeting the self storage sector in the United States, marking its first entry into this alternative industrial asset class. Safely Store is a self storage dedicated investment platform formed by the principals of Iron Point Partners, LLC and the self storage platform of Taylor/Theus Holdings, Inc. Ivanhoé Cambridge alongside another global institutional investor and Safely Store will be investing an initial US$ 400 million in equity to be deployed nationally over the next few years, with the potential to scale up further over time.
The partnership’s investment strategy is focused on Tier I and Tier II markets, and it is designed to cover the risk/return spectrum to blend to a value-add return with a mix of ground-up developments, redevelopments, and acquisitions of lease-up projects and undermanaged operational assets.