Self-storage group Safestore has acquired the remaining 80% of Carlyle’s stake in the Benelux joint venture formed in 2019.
Safestore said the total consideration paid to Carlyle was €67m.
The venture between Carlyle Europe Realty, Carlyle’s pan-European real estate platform, and Safestore was established in 2019 to acquire and develop assets in the Netherlands and Belgium.
The portfolio consists of 15 properties in Benelux totalling 55,000sqm of leasable area, focused in the Amsterdam and Brussels urban areas. The joint venture assembled the portfolio through the acquisitions of two Dutch self-storage operators (M3 Self-storage, Opslag XL) and one Belgian self-storage operator (Lokabox), as well as one development in the Netherlands.
Safestore has managed the properties since its acquisition by the joint venture
Safestore CEO Frederic Vecchioli said: “Combining Safestore’s highly scalable operating platform and development experience with Carlyle’s investment expertise proved to be a successful partnership. We are now exploring further opportunities to work together.”
Marc-Antoine Bouyer, managing director on the Carlyle Europe Realty advisory team, said: “This transaction marks the culmination of a major acquisition and asset management effort through our joint venture with Safestore to assemble an institutional-quality self-storage portfolio of scale with exposure to prime cities in the Netherlands and Belgium.
”We believe that the market fundamentals for European self-storage remain highly attractive and look forward to working alongside Safestore in identifying further opportunities on the continent.”
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