Asia-focused Self-storage Platform

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 1 million square feet of net lettable area with more than 70 facilities in six Asian gateway cities – Hong Kong, Kuala Lumpur, Seoul, Singapore, Taipei and Tokyo. More than 70% of ESA’s net property income is generated in Singapore. The acquisition of ESA comes with an experienced management team holding a proven track record in sourcing and managing quality self-storage facilities.