TPG Bags £100M Loan For Outdoor Storage Portfolio Expansion

Leumi UK has provided financing of up to £100M for the expansion of Concreit, TPG Angelo Gordon and Blomfield Partners’ industrial outdoor storage platform.

The facility increases Leumi UK's exposure to the platform from nine properties to 21 assets, underlining growing institutional appetite for a sector that has rapidly moved from a niche storage play to a growing real estate asset class.

Concreit has been assembled through acquisitions of industrial outdoor storage sites across the UK, targeting logistics corridors and multimodal transport hubs. The platform is continuing to add assets while also recycling capital, having disposed of 12 of its 35 UK sites during the past six months as part of its portfolio management strategy, the company said.

The financing comes as investors continue to target the industrial outdoor storage market, attracted by constrained land supply, relatively low capital expenditure requirements and demand from occupiers ranging from logistics operators and fleet managers to construction, infrastructure and utilities.

Private equity funding dominates the IOS investment market, and that is expected to continue in the short-medium term, although some family offices are also looking at the sector, according to the latest report from Carter Jonas, which said it expects at least one major U.S. operator to enter the UK this year. 

Transactions exceeded £250M in 2025, compared with £150M in 2024, Carter Jonas added, saying it remains optimistic about investment volumes and rent increases in 2026.

For TPG Angelo Gordon, UK expansion is part of its wider European strategy, having entered the Netherlands through a partnership with DCM Investment Group and acquiring four IOS sites. It also completed its first acquisition in Germany, expanding alongside Blomfield Partners and local operating partners.

The firm said it is targeting European markets where industrial land shortages and logistics demand create similar investment fundamentals.

"This transaction marks a significant step in scaling our platform and reflects growing institutional conviction around the IOS opportunity," TPG Angelo Gordon principal John Parsons said in a statement.

"This facility reflects our conviction in the long-term fundamentals of the sector,” Leumi UK Relationship Director Gez O'Sullivan added.