TPG Real Estate, the real estate platform of Fort Worth-based TPG private equity firm, has invested $120 million in LifeStorage self-storage facilities.
LifeStorage said it will use TPG’s investment to support its acquisition strategy in the top 50 U.S. markets.
“We are excited about our partnership with TPG and are poised to quickly leverage its deep real estate and operational expertise to accelerate our growth strategy by expanding our portfolio of premier storage facilities,” said Mark Good, LifeStorage CEO in a statement. “We are committed to delivering the very best storage solutions and TPG provides us the flexibility to invest in high-quality facilities at locations that add value for our portfolio and customers.”
Said Avi Banyasz, partner and co-head of TPG Real Estate, “Not only is there strong continued demand for self-storage, but the industry also remains very fragmented, which should provide opportunities for further consolidation and attractive follow-on acquisitions."
LifeStorage was founded in 2011 and has its headquarters in Roseville, Calif. The company currently owns, has under purchase agreement and operates 78 properties in nine states. In Texas, it has facilities in Austin, Houston, Killeen, Richardson and Round Rock.
Three local companies vying for business prizes
Three Tarrant County businesses are hoping they have the best business plan to win $75,000 in cash and prizes.
Boyd Construction Services, Janz Hair & Fashion Jewelry Gallery and Rich Aviation Services are the finalists in the competition sponsored by the city of Fort Worth’s Business Assistance Center along with founding partners Capital One Bank and The Alternative Board.
The competition is an opportunity for small businesses to develop a business plan while receiving six weeks of training and coaching on strengthening their business. In all, 22 businesses were selected to compete.
Boyd Construction is a commercial general contracting firm. Janz Hair & Fashion Jewelry is a start-up business that originated from the owner’s passion to offer first-class hair extensions, fashion and jewelry image consultations. Rich Aviation Services & Fort Worth Flight Center is located at Meacham International Airport in Fort Worth.
The three will make presentations to a panel of judges at Texas Christian University on Oct. 30. Tickets to presentations and awards program at the Dee J. Kelley Alumni Center, 2820 Stadium Drive, are $20. The event runs from 5:30 p.m. to 8 p.m. and includes food.
Order tickets online at www.eventbrite.com/e/fort-worth-business-plan-competition-finale-tickets-12979228221 or call 817-871-6025.
Hillwood expands to Europe and Canada
Hillwood, the Dallas-based real estate and investment and development company owned by Ross Perot, Jr., and behind the 18,000-acre AllianceTexas development in far north Fort Worth, said it has partnered with major sovereign wealth funds to focus on the real estate logistics market in Central and Western Europe.
Called Hillwood Europe, the partnership is expected to invest more than 1 billion Euros in the next three to four years buying and developing logistics real estate, the company said. Hillwood has already purchased existing buildings and development sites in Poland.
Hillwood Europe has hired real estate leaders to oversee operations at two new offices in Poland and Germany.
Hillwood said it has also partnered with Highfield Investment Group to develop an industrial park near Calgary, Canada. Their first project is a 500,000-square-foot cross-dock distribution center in High Plains Industrial Park.