$184M in self-storage financings closed this year on behalf of Clear Sky
PHOENIX, (Sept. 12, 2024) – JLL Capital Markets announced today that it has assisted Clear Sky Capital on its expansion into the UK through a $121 million refinancing of an 18-property self-storage portfolio located across London, the South-East and South-West of the UK.
The UK expansion follows the success in the U.S., in which JLL first advised on a $65 million institutional recapitalization with $40 million in go-forward equity for strategic growth at the end of 2022, and has since arranged $62 million in construction financings through local and regional banks for Clear Sky’s development of self-storage facilities in major metropolitan areas of Portland, Oregon; Oakland, California; and Scottsdale, Arizona.
“We believe there is an attractive current opportunity set in the UK self-storage real estate market,” said Marcus Kurschat, President of Clear Sky Capital. “Our dynamic approach will ensure we are well-positioned to take advantage of the opportunity ahead. JLL remains a key partner for us, on both sides of the pond.”
The JLL Capital Markets Debt Advisory team representing Clear Sky Capital was led by Executive Managing Director Kevin MacKenzie, Senior Managing Director Sheheryar Hafeez, and Senior Director Jason Carlos in the U.S., Brad Greenway, co-head of JLL’s EMEA Debt and Structured Finance team, and Director Karan Mahajan in the United Kingdom.
“We are pleased to have advised Clear Sky, both domestically and abroad, on the implementation of their growth strategy in scaling their self-storage platform,” said MacKenzie. “They had a clear vision and strategy when the venture was launched, and the strength and the resiliency of the self-storage sector is driving this forward.”
JLL Capital Markets is a full-service global capital solutions provider for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers best-in-class solutions for clients, whether they need investment sales and advisory, debt advisory, equity advisory, or recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide and offices in nearly 50 countries.