Seneca Partners plans ‘managed storage’ EIS fund

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Seneca Partners is planning to raise £10m for an Enterprise Investment Scheme fund that will invest in the managed storage sector.

The Seneca Managed Storage EIS fund will acquire freehold and long leasehold storage facilities.

Seneca Partners co-founder Ian Currie says: “We believe that the underlying fundamentals of the managed storage sector, combined with the inherent asset backing of the storage sites has significant appeal.

“The sector benefits from low fixed operating costs, recurring revenues, low customer concentration and has also enjoyed increasing demand and yields in recent years.

“With our management team having already reached heads of terms in relation to the first three target sites in which the Fund is looking to invest, we have targeted an initial fundraise of £10m.”

Seneca already manages £30m in the Seneca EIS Portfolio Service.