CapitaLand Investment's Self-Storage Platform Partners with Japan's Largest Self-Storage Manager

📆 5/12/2024 8:01 a. m.
📰 IndependentSG

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Capitaland Investment,Extra Space Asia,Ambitious Co. Ltd.

CapitaLand Investment's (CLI) self-storage platform, Extra Space Asia (ESA), has formed a strategic partnership with Ambitious Co. Ltd. (Ambitious), the leading self-storage manager in Japan. ESA aims to expand its presence in Japan's largest self-storage markets, Osaka and Tokyo, with plans to acquire more facilities.

CapitaLand Investment announced that Extra Space Asia , its self-storage platform, has entered into a strategic partnership with Ambitious Co. Ltd. , Japan’s largest indoor self-storage manager.

ESA plans to expand its presence in Japan by sourcing, developing, and managing self-storage facilities in Osaka and Tokyo. 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’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.

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 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.”

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