U Store It has secured a €125 million senior loan from PGIM to refinance its 793,000 sq ft Irish self-storage portfolio. It shows a lender underwriting an operating platform on its operational track record, a reference point for any asset-heavy operator weighing refinancing options.

U Store It is an Irish self-storage platform founded in 2001, operating nine facilities across Dublin, Belfast, Cork, Galway and Waterford, a mix of purpose-built and conversion properties. It has been owned by US investment manager Heitman since 2022.

PGIM provided the loan through its real estate senior debt platform, which has lent against European self-storage for more than 10 years, including assets in the UK, Ireland, the Netherlands, Sweden, Denmark and Finland.

PGIM said the transaction reflects its continued confidence in the platform's operational track record and growth trajectory.

PGIM executive director James Day said: "U Store It has built a genuinely differentiated position in Ireland's self-storage market and this refinancing lets us back a platform with a clear runway for growth. Ireland's self-storage sector is still emerging, but demand fundamentals are strong, supply remains limited and awareness is rising, giving us real confidence in this platform for the long term."

The portfolio has grown under Heitman from six to nine assets, including a 150,000 sq ft Liffey Valley facility in Dublin completed in 2025 with rooftop solar energy production. A 2024 Galway acquisition added about 72,000 sq ft, with a further 36,000 sq ft available for expansion.

Heitman managing director Tony Smedley said: "With supply historically constrained and operational capacity limited, we see value in Ireland's self-storage market, which continues to benefit from shifting consumer behavior and growing demand for flexible space solutions."

That growth sits within a still-compact market. The Irish Self Storage Association counts nearly 1.4 million sq ft nationally, across 45 traditional stores and more than 33 container-based operations.

For the sector, a senior lender backing a platform on its operating record and constrained supply signals that capital for Irish alternative real estate is rewarding scale and utilisation.

Source: BE News / Business Wire / Bisnow