CLI expands Japan self-storage portfolio with new acquisitions, partnership

CLI’s self-storage platform partnered with Japanese indoor self-storage manager Ambitious.

CapitaLand Investment Limited (CLI) has announced that its self-storage platform, Extra Space Asia (ESA), has entered into a strategic partnership with Ambitious, an indoor self-storage manager in Japan.

Under the partnership, ESA  has acquired four self-storage facilities in Osaka from Ambitious, with plans to add another two facilities in Tokyo by early 2025.

The acquisition brings ESA’s Japan portfolio to 14 self-storage assets, comprising over 60,000 sq ft of gross floor area.

Ambitious’ self-storage business, “Syuno-Pit”, operates 681 self-storage facilities across 126 cities and districts in Japan.

The partnership will enable ESA to expand its Japan portfolio by leveraging Ambitious' capacity to source, develop, and manage self-storage facilities in Osaka and Tokyo, which are the largest markets for self-storage in Japan and where Syuno-Pit has the largest presence.

ESA’s properties in Japan have an average occupancy rate of approximately 92% as demand for self-storage remains strong due to rising affluence, flexible work arrangements, and evolving consumption habits.

This partnership marks ESA’s second in Japan, complementing its existing collaboration with Keiyo Logistics, which operates under its “privatebox by Extra Space” brand.

ESA aims to leverage these dual partnerships to expand its presence, with plans to invest in tripling its self-storage portfolio in Japan to exceed $107m (JPY12b) in the future.

“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,” Patricia Goh, CEO of Southeast Asia Investment at CLI said.