BlackRock has acquired a majority interest in StoreLocal, an Australian self-storage platform reportedly valued at around A$400m (€288m).
With the latest commitment, StoreLocal has now secured more than A$1bn of capital to further drive its ambition to create a A$2bn-plus self-storage platform.
Founded in 2010, StoreLocal is Australasia’s fourth-largest operator, owning and managing more than 40 self-storage assets in Australia.
Hans Pearson, co-founder and CEO of StoreLocal, said: “We will continue to expand by focusing on in-store income performance, scaling our technology, acquisitions and development, and growing our third-party management portfolio.”
Hamish MacDonald, head of APAC real estate, BlackRock, said: “Self-storage in Australia is one with such strong market dynamics, and StoreLocal is the market-leading partner we have been seeking. We are confident that StoreLocal will continue its impressive growth trajectory.”
MacDonald said many of BlackRock’s targeted sub-sectors, like self-storage, have “performed very well over a long period of time in markets like the US, and now they can benefit from the ‘APAC lag’ as they are earlier in their structural journey in this part of the world”.
Ben Hickey, head of Australia real estate, BlackRock, said: “Our attraction to self-storage reflects the broader market outlook for the sector, which has shown continued resilience and growth, driven by shifting consumer behaviour, urban densification, and e-commerce expansion.
“What we have seen played out in other markets is happening right now in Australia, where the sector’s fundamentals—low operational costs, consistent cash flows, and stable tenant demand—make it particularly attractive.
“Importantly we have been seeking an existing platform with scale, national diversification, and a strong local brand.”
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