They are part of a strategic alliance with Ambitious to expand ESA’s portfolio in the company’s focus market of Japan
CAPITALAND Investment (CLI) has acquired four Osaka self-storage facilities from Japanese indoor self-storage manager Ambitious through Extra Space Asia (ESA), a self-storage platform it manages, and plans to acquire another two Tokyo facilities by early 2025.
The Osaka acquisitions are part of a strategic alliance with Ambitious to expand ESA’s portfolio in CLI’s focus market of Japan, said the real asset manager on Thursday (Dec 5).
They bring ESA’s total self-storage assets in Japan to 14 and more than 60,000 square feet of gross floor area.
Under the partnership, ESA will source, develop and manage self-storage facilities in Osaka and Tokyo, as these two regions hold Japan’s largest self-storage markets and are where Syuno-Pit, the self-storage business of Ambitious, has the largest presence. Syuno-Pit operates 681 self-storage facilities across 126 cities and districts in Japan.
This is ESA’s second partnership with a Japanese self-storage manager, its first was with Keiyo Logistics, which operates under the “privatebox by Extra Space” brand.
ESA plans to tap its two partnerships with established self-storage managers to triple its self-storage portfolio in Japan to more than 12 billion Japanese yen (S$107.3 million) in the near term.
It will do so by continuing to acquire “high quality self-storage assets located near densely populated residential areas in gateway cities in Japan,” said CLI.
ESA has a first right of refusal to acquire future assets to be developed by Ambitious.
Shares of CLI rose S$0.01, or 0.4 per cent, to close at S$2.77 on Wednesday.
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