CapitaLand Investment enters joint venture to establish Asia-focused self-storage platform

The initial equity investment is worth $570m.

CapitaLand Investment Limited (CLI) has entered into a joint venture with APG Investments Asia Limited (APG) to establish an Asia-focused self-storage platform with an initial investment of $570m.

The joint venture provided for an option to increase their investment up to $1.14b for the acquisition of the Extra Space Asia (ESA).

“Self-storage is one of the alternative asset classes that has remained impressively resilient during the pandemic and looks set to continue benefitting from strong growth tailwinds supported by favourable demographics and lifestyle trends in Asia,” Patrick Boocock, CEO of Private Equity Alternative Assets, Real Assets, CLI, said.

“We view the self-storage platform as an extension of CLI’s logistics platform, well-positioned to capture the increasing demand for flexible storage and last-mile delivery requirements in tandem with the growth of ecommerce.”

The ESA was founded in 2007 and has since grown to be one of the largest self-storage businesses in the region with facilities in six Asian cities – Hong Kong, Kuala Lumpur, Seoul, Singapore, Taipei and Tokyo.

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