Prime Group's Prominent Expansion: Marks its First Acquisition Outside U.S. With Canadian Self-Storage Asset

Firm's First Acquisition Outside U.S. with Purchase of Self-Storage Asset in Edmonton Suburb

Robert Moser-led private equity real estate firm Prime Group puts its strategic visions to practice as it marks its first acquisition outside the United States with a self-storage asset in Canada. IPE Real Assets first reported the news. The asset is a newly constructed single-story building in the thriving suburb of Sherwood Park, Alberta. The acquisition was made on behalf of Prime Storage Fund III, following a successful fundraising of $2.5bn last year – a feat towering over the fund’s $1.5bn target.

The property spans 54,600 sqft and is comfortably in the fast-growing Edmonton suburb. It comprises an impressive combination of 472 indoor climate-controlled and drive-up units and 22 parking spaces. It boasts nearly 90% occupancy, and although the acquisition price remains undisclosed, the decision doesn’t come without thoughtful consideration.

Moser, the founder, principal, and CEO of Prime Group, cited the chosen market's favorable demographics for the acquisition – strong economy, rich history, enticing culture, and increasing diversity of Sherwood Park. The suburb's growing population has increased demand for high-quality storage options, reflecting the demographic characteristics Prime Group seeks to invest in, resonating with those within the U.S. market.

The company is committed to expanding its self-storage portfolio across Canada, identifying high-quality assets in areas with robust demographics. It’s dedicated to offering attractive risk-adjusted returns to investors by prioritizing assets aligning with their investment criteria. Over the years, Prime Group has owned and operated more than 360 self-storage facilities, representing 201,000+ storage units and over 25.2m rentable sqft.

Could Be Better If:

The article could benefit from directly quoting Robert Moser to create a stronger personal connection between the reader and the leader’s perspective. Mentioning specific plans or targets for their Canadian expansion would add depth to the story. Also, potential insights from industry experts regarding the state and future of the self-storage market in Canada would provide readers with a broader context. Lastly, graphic visuals like pictures of the acquired property or infographics highlighting key data points would optimize visual engagement.

🔒📚 Hi! I'm Eric Manning, a self-storage operations nerd and lifelong learner. 🗝️ My articles blend industry know-how with a dash of humor and wisdom. Whether you're a storage newbie or a pro, join me as we explore the world of storage, one witty insight at a time! 📦😊🔑