UK self-storage group Safestore and global investment firm The Carlyle Group announced on Friday that their joint venture, established in August 2019, has acquired a six-store portfolio of self-storage units from Lokabox for an undisclosed amount.
Lokabox has six Belgian stores in prime locations in Brussels (2), Liege (2), Charleroi and Nivelles totalling 20,600 m2 of lettable space.
The joint venture intends to continue to expand its platform by investing in further development and acquisition opportunities in self-storage across Europe.
The Carlyle Group has an 80% shareholding in the joint venture through Carlyle Europe Realty (CER), a €540 mln pan-European real estate fund, with Safestore holding the balance.
Marc-Antoine Bouyer, managing director on the Carlyle Europe Realty advisory team, said: ‘This second acquisition for the joint venture builds on the pan-European investing experience of the Carlyle team, along with the specialist industry knowledge of the Safestore team. We are pleased to have a recognised industry leader as our partner as we enter the Belgian market and develop a robust platform to identify further opportunities in the self-storage market.’
Since 2016, Safestore has invested or committed £237 mln to 45 stores, acquisitions and new developments in its core markets.
Frederic Vecchioli, chief executive officer of Safestore added: ‘Safestore has developed a multi-country, highly scalable platform with leading marketing and operational expertise in self-storage.
'The acquisition of Lokabox represents an excellent platform for entry into the attractive Belgian self-storage market and a logical next step in our growing joint venture with Carlyle Europe Realty.’
