SÃO PAULO, Brazil—GuardeAqui, the Brazilian self-storage owner/operator, has formed a joint venture with Morgan Stanley Alternative Investment Partners to advance the growth of GuardeAqui’s operating platform.
Morgan Stanley Alternative Investment Partners joins GuardeAqui’s current partner, Equity International, the Chicago-based institutional real estate investment company led by Sam Zell and Tom Heneghan.
“We are very excited to partner with GuardeAqui in this joint venture. We are confident in GuardeAqui’s industry-leading execution and operational capabilities to retrofit and develop self-storage facilities in Brazil, a country with a severe undersupply of quality properties and yet demonstrated, growing demand,” said David Boyle, CIO and Co-Head of the Morgan Stanley Alternative Investment Partners Real Estate group. “We are also pleased to work closely with Equity International in this venture and believe their experience and expertise will be integral to the continuing success of GuardeAqui.”
GuardeAqui is the leading self-storage operator in Brazil with an established, institutional-quality platform serving business and residential customers. GuardeAqui’s current portfolio includes over 40,000 square meters (approximately 430,556 square feet) of leasable space comprising seven assets: five operating properties in São Paulo, Campinas and Ribeirão Preto, and two properties under development in Rio de Janeiro and Belo Horizonte.
Funds from the joint venture will be used to acquire, retrofit and develop self-storage assets under the GuardeAqui brand, leveraging the company’s pipeline and demonstrated capabilities as a developer and operator; capitalize on the sizable long-term opportunity to supply the unmet demand for storage; and fuel GuardeAqui’s first-mover advantage as the leader in the rapidly emerging self-storage sector. The joint venture will pursue geographic expansion of GuardeAqui facilities in greater São Paulo and Rio de Janeiro and other large metropolitan areas of southeast Brazil.
“The market opportunity for self-storage in Brazil is tremendous, underpinned by limited supply along with favorable demographic trends and economic growth,” said Allan Paiotti, CEO of GuardeAqui. “We are honored to partner with Morgan Stanley Alternative Investment Partners to accelerate GuardeAqui’s growth and execute on our pipeline.”