Extra Space Asia acquires four self-storage properties in Osaka with two more properties to be added in Tokyo
CapitaLand Investment-managed Extra Space Asia enters into a strategic alliance with Japan’s largest indoor self-storage manager to accelerate growth
Extra Space Asia acquires four self-storage properties in Osaka with two more properties to be added in Tokyo
CLI-managed self-storage platform, ESA, has entered into a strategic alliance with Ambitious Co. Ltd., the largest indoor self-storage manager in Japan, to acquire four properties in Osaka with plans to add another two facilities in Tokyo by early 2025. ESA targets to triple its self-storage portfolio in Japan to over JPY12 billion in the near term. Pictured here is the newly acquired Itami Suzuhara Facility located in Kansai, Japan.
Singapore/Tokyo, 5 December 2024 – CapitaLand Investment Limited (CLI), a leading global real asset manager, announced that its self-storage platform, Extra Space Asia (ESA) has formed a strategic partnership with Ambitious Co. Ltd. (Ambitious), the largest indoor self-storage manager in Japan. Ambitious’ self-storage business, “Syuno-Pit”, operates 681 self-storage facilities across 126 cities and districts in Japan.
ESA is set to expand its portfolio in CLI’s focus market of Japan by leveraging Ambitious’ strong track record and on-the-ground expertise to source, develop and manage self-storage facilities in Osaka and Tokyo. These two regions are the largest markets for self-storage in Japan and where Syuno-Pit has the largest presence. Kickstarting this partnership, ESA has acquired four self-storage facilities in Osaka from Ambitious, with plans to add another two facilities in Tokyo by early 2025. ESA has a right of first refusal to acquire future assets to be developed by Ambitious.
Together with Keiyo Logistics Co. Ltd. (Keiyo Logistics), ESA’s existing partner in Japan operating under the “privatebox by Extra Space” brand, ESA now benefits from the expertise of two established self-storage managers with extensive networks to boost its growth and deliver exceptional storage solutions in Japan. Leveraging these dual partnerships for expansion, ESA is targeting investments to triple its self-storage portfolio in the country to over JPY12 billion in the near term.
Ms Patricia Goh, CEO, Southeast Asia Investment, CLI and Director, Storage Ventures Asia Pte. Ltd.
Ms Patricia Goh, CEO, Southeast Asia Investment, CLI and Director, Storage Ventures Asia Pte. Ltd., said: “ESA’s strategic partnerships with Ambitious and Keiyo Logistics will enable us to capitalise on the increasing demand for self-storage space, driven by e-commerce growth, rising urban population, smaller dwelling spaces, increased population mobility and a higher proportion of rental households[1]. Ambitious and Keiyo Logistics are best-in-class self-storage operators with decades of experience in self-storage development and management.”
Pictured here is the Sakai Yamamoto Facility located in Kansai, Japan.
“Since the formation of CLI’s self-storage joint venture with APG Asset Management in 2022 to acquire ESA, we have grown funds under management (FUM) of our self-storage portfolio by approximately 25%, including the acquisition of two prime industrial assets in Singapore for approximately S$100 million in 1Q 2024. Leveraging CLI’s strong global network of customers and our strategic partners’ deep local expertise, we will continue to scale ESA’s portfolio, and advance towards becoming a dominant self-storage player in Japan,” added Ms Goh.
Footnote:
Information obtained from Housing Statistics 2023, available on the Portal Site of Official Statistics of Japan.
