Heitman Launches Open-End Core Plus Self-Storage Investment Vehicle

Strategy launches with a 79-asset self-storage seed portfolio

CHICAGO--(BUSINESS WIRE)--Heitman LLC (“Heitman”), a global real estate investment management firm, today announced the launch of a Core Plus strategy focused on self-storage assets across the United States. Heitman, to date, has received commitments totaling $275 million and an additional $200 million in co-investment. The strategy will pursue a core plus return profile and seek to generate strong cash flow and long-term growth through a diversified portfolio of stabilized, lease‑up, and selective development assets.

In connection with the launch, Heitman has completed the acquisition of a seed portfolio comprising 79 self-storage assets across 16 states. The seed portfolio represents a diversified, large-scale acquisition totaling approximately 4.9 million rentable square feet. Through operational enhancements, the portfolio is expected to benefit from continued revenue growth, with select properties also offering approximately 550,000 square feet of expansion potential.

“We believe today represents an attractive entry point. Assets can be acquired well below replacement cost, new supply is declining, and market rents remain well below levels required to incentivize new construction,” said Jen Boss, Head of Portfolio Management at Heitman and Portfolio Manager for the strategy. “The demographic outlook is also favorable, driven by the aging of Millennials and their Baby Boomer parents, both cohorts entering life stages that historically increase demand for self-storage. Our acquisition of a large, diversified seed portfolio at launch reflects this long-term conviction.”

Leveraging Heitman’s three decades of self-storage experience and myriad operator relationships, the strategy aims to capture both stability and upside by investing across a broad mix of markets that exhibit a high barrier to new supply and high growth demographics.

“We are building on Heitman’s long history in self-storage and intend to invest alongside best-in-class operating partners, some of whom we have known for 30 years,” said Brian Pieracci, Head of North America Private Equity at Heitman. “Through the combination of our sector expertise, research platform, and disciplined underwriting, we believe we are well positioned to identify compelling opportunities on behalf of our clients.”

Heitman began investing in self-storage properties on behalf of its clients in July 1996. Since then, Heitman has grown to be a global leader in the self-storage property sector having invested over $15 billion in 1,600 self-storage properties across 14 countries globally. Today, Heitman is one of the largest private owners of self-storage in North America and has acquired more than 1,200 stores across over 140 markets nationally.

ABOUT HEITMAN:

Heitman is a global real estate investment management firm with $47 billion in assets under management as of March 31, 2026. Founded in 1966 and globally headquartered in Chicago, Heitman has 10 offices worldwide and is an active participant in the global real estate property and capital markets. Heitman makes real estate investments through private equity, debt, and publicly traded real estate securities.