SINGAPORE: CapitaLand Investment (CLI) announced that Extra Space Asia (ESA), its self-storage platform, has entered into a strategic partnership with Ambitious Co. Ltd. (Ambitious), Japan’s largest indoor self-storage manager.
According to The Edge Singapore, “Syuno-Pit,” the self-storage business of Ambitious, operates 681 facilities across 126 cities and districts in Japan.
ESA plans to expand its presence in Japan by sourcing, developing, and managing self-storage facilities in Osaka and Tokyo.
These regions are the largest self-storage markets in Japan and home to Syuno-Pit’s biggest operations.
To start the partnership, ESA acquired four self-storage facilities in Osaka from Ambitious and plans to add two more in Tokyo by early 2025.
ESA also has the right of first refusal to acquire future assets developed by Ambitious.
ESA’s current partner in Japan is Keiyo Logistics Co. The company now benefits from the expertise of two experienced self-storage managers, according to CLI’s press release.
ESA aims to triple its self-storage portfolio in Japan, targeting investments of over JPY12 billion (S$107 million) in the near term.
Ms Patricia Goh, CEO, Southeast Asia Investment, CLI and Director, Storage Ventures Asia Pte. Ltd., said, “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.”
She added, “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.” /TISG
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