Extra Space Asia (ESA), owned by APG and CapitaLand Investment Limited (CLI), has invested almost S$100m (€66m) in its first build-to-suit development in Singapore and three freehold self-storage facilities in Japan.
ESA has acquired central Tokyo self-storage facilities and started a development programme, purchasing a site in Singapore for a 185,000sqft facility.
CLI said this marked the first industrial government land sale awarded by the Jurong Town Corporation (JTC) for self-storage use. The project will add to ESA’s Singapore portfolio of 12 self storage facilities.
Patricia Goh, CEO, Southeast Asia investment and head, logistics and self-storage, CLI and director, storage ventures Asia, said: “Since partnering with APG Asset Management in 2022 to acquire ESA, we have deployed more than S$500m in equity to grow ESA’s portfolio from 70 to more than 100 facilities, totalling 3m sqft, solidifying its position as one of Asia’s foremost self-storage operators.
“CLI will continue to leverage our fund management capabilities, deal sourcing expertise, and global network to scale ESA and capture structural growth across key Asia Pacific markets.”
Tim Alpe, MD and head, Extra Space Asia, said: “We aim to grow ESA’s portfolio to S$2bn by 2028, capitalising on the strong demand driven by rising urbanisation, accelerating e-commerce consumption, and increasing space constraints in densely populated cities.
“ESA is now one of Asia’s largest self-storage businesses with a growing presence in Singapore, Japan, South Korea, Taiwan (China), Malaysia, Hong Kong SAR and Australia. As a leading operator across our key markets, ESA’s portfolio maintains a high average occupancy of over 90%.”
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