Harrison Street and Pacific Investments launch €176m self-storage JV

Alternative real asset investor Harrison Street has partnered with Pacific Investments in a £150 mln (€176 mln) joint venture to develop self-storage facilities in undersupplied areas across the UK.

Here self-storage

This marks Harrison Street's entry into the European self-storage market. The venture, under the Here Self Storage brand, aims to build a portfolio of properties over the next three to five years, utilizing both new developments and conversion projects.
It will target undersupplied areas, leveraging Harrison Street's experience in the North American storage sector and Pacific's property management expertise, using its platform Engage Management Services. The partnership will focus on both new construction and conversion projects, with an initial portfolio of three assets comprising 1,906 units.
The joint venture’s initial focus will be on the UK market, but Harrison Street plans to expand into other European markets over time.
Paul Bashir, CEO - Europe at Harrison Street, said: “We are thrilled to enter a new property sector in Europe and believe it's the opportune time to expand Harrison Street’s self-storage platform into the UK, a market that has a promising outlook supported by resilient fundamentals and increasing liquidity. With an established track record across our US self-storage platform, we see a unique opportunity to apply our expertise and partner with Pacific Investments to deliver high-quality self-storage assets in the UK. We remain committed to identifying and investing in compelling opportunities across alternative sectors as we continue to expand our presence in Europe.”
Mark Johnson, executive chairman – Pacific, added: “We are delighted to partner with Harrison Street on the next stage of growth for the Here Self Storage platform, which began with our investment in Engage, who we believe can become a category leader in the self-storage sector. We believe that the joint venture will enable us to continue providing high-quality self-storage solutions to our customers across the UK.”
The UK self-storage market presents a significant opportunity due to its undersupply compared to the US and Australia. Despite economic challenges, the sector showed resilience in 2024 with stable occupancy rates and a 6% increase in rental rates, and demand is projected to continue growing as awareness of self-storage solutions increases among UK consumers.