Prime Group attracts $700M for self-storage fund

May 29, 2018

Prime Group Holdings collected roughly $700 million in private equity for its Prime Storage Fund II, with the goal of using the capital to acquire more self-storage units across the U.S., the Albany (N.Y.) Business Review reported, citing Prime Group Principal and Managing Member Bob Moser.

State pension systems, university endowments and insurers, as well as wealthy individuals, were among the investors in the fund, of which roughly $150 million has already been deployed, Moser told the publication, adding that the balance will be invested to double the size of Prime Group’s portfolio over the next three years.

Prime Group’s self-storage portfolio spans almost 15 million square feet, with an asset value of more than $1.5 billion, the publication noted.

Via S&P Global Market Intelligence