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Storage company Safestore said it had formed a joint venture with Carlyle European Real Estate Fund to acquire Dutch group M3 Self Storage.
Safestore would invest in a 20% equity stake on completion for around €5m and to provide management services to the venture.
M3 was an operator of six storage locations in Amsterdam and Haarlem in the Netherlands.
Completion of the deal was anticipated by the end of August and Safestore said it expected to earn an initial return on investment of 8%, before transaction related costs, for the first full year.
The return would reflect its share of expected JV profits and fees for management services.
The venture planned to invest in further development and acquisition opportunities, Safestore said.