New York-listed WP Carey and alternative asset investment firm Harbert Management have formed a self-storage joint venture investment firm.
WP Carey’s subsidiary Carey Storage is contributing thirteen properties to the joint venture and injecting $20 million, while Alabama’s Harbert is putting in $30 million for its interest in the vehicle. In a statement, WP Carey said it would look to add further properties.
“Self-storage is a property sector of particular interest to us,” said Alan Fuller, vice president and senior managing director at Harbert. “We have been looking for the right team with sufficient management expertise to help us execute a self-storage strategy.”