Warburg Pincus-backed StorHub has acquired three prime self-storage facilities in Australia for more than A$110m (€67m).
The storage facilities, located across Sydney, were developed and owned by Trumen and Norman Property Partners. They are currently managed by Wilson Storage but will be rebranded and managed by StorHub.
Raju Ruparelia, StorHub Group CEO, said: “The Australian market presents significant opportunities for StorHub, driven by strong population growth, rising housing costs in metropolitan areas, and the increasing need for decluttering in the hybrid work environment post-pandemic.”
Simon DeGaris, CEO of StorHub Australia, said StorHub would incorporate the newly acquired self-storage facilities into its portfolio, enabling the company to offer reliable and secure storage solutions to a broader customer base. He added StorHub was well-positioned to accelerate its growth trajectory in Australia.
Earlier this year, StorHub officially launched its business in Australia with five quality seed assets. StorHub will have a total of 11 facilities in Sydney, Melbourne, and Brisbane – 4 in operation and 7 to be opened within the next couple of years, with a total estimated end value of the portfolio at over A$420m.
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