Global investment manager Realterm has snapped up its third industrial outdoor storage site in western Sydney within a year as part of ambitious plans to create a multi-billion dollar portfolio of this emerging asset class.

Realterm, which manages over $US12 billion ($19.2 billion) of industrial assets, partnered with Swiss-based Partners Group to acquire the site in Glendenning for $33 million late last year, boosting the value of the joint venture’s holdings to more than $120 million.