Carlyle, investing on behalf of its pan-European real estate platform, has partnered with FTSE 250-listed Safestore to buy a 30,000sqm portfolio of self-storage assets in Germany.
The global investment firm’s Carlyle Europe Realty (CER) platform and the UK-listed self-storage operator have bought the portfolio of 7 properties under the myStorage brand. The assets are located in areas including Berlin, Stuttgart, Ulm, Nürnberg, and Mannheim.
Safestore said it is investing €2.2m initially for a 10% share of the partnership.
The joint venture marks Safestore’s entry into the German self-storage market.
The latest partnership follows Safestore and CER’s previous self-storage joint venture in the Benelux region formed in 2019. Back in March, CER sold its 80% stake in the partnership, which holds assets in the Netherlands and Belgium self-storage assets, to Safestore.
Erik Orbach, managing director on the CER advisory team, said: “This acquisition re-establishes our presence in the European self-storage market, entering into the fragmented German market where the supply-demand gap is particularly pronounced.
“We are excited by the opportunity to continue working alongside Safestore to identify development and acquisition opportunities in this highly attractive market.”
Frederic Vecchioli, CEO of Safestore, said: “Following our previous successful joint venture with Carlyle, we are delighted to have established a new joint venture in Germany which has acquired this institutional-quality self-storage portfolio located in prime cities across the country.
“Germany is one of Europe’s most under-penetrated self-storage markets and I look forward to growing our presence there.”
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