Self-storage

Asia-focused Self-storage Platform

 

CapitaLand Investment (CLI) has partnered APG to establish an Asia-focused self-storage platform that rides on the growing demand for self-storage services in Asia, fuelled by high urbanisation rates, high population density, an increasing proportion of renters and an explosive growth of ecommerce. Starting with an equity investment of S$570 million with an option to increase up to S$1.14 billion, in the proportion of 90:10 between APG and CLI, the joint venture provides CLI with access to an emerging sector that also contributes towards growing its funds under management and fee-related earnings.

The platform has acquired Extra Space Asia (ESA), one of the region’s largest self-storage businesses with over 1 million square feet of net lettable area with more than 80 facilities in six Asian gateway cities – Hong Kong, Kuala Lumpur, Seoul, Singapore, Taipei and Tokyo. The acquisition of ESA comes with an experienced management team holding a proven track record in sourcing and managing quality self-storage facilities.

With the acquisition of ESA, CLI now has presence in Japan via 10 operational self-storage properties in Greater Tokyo, operating under the “private box by Extra Space” brand.

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