Extra Space Asia (ESA), owned by APG and CapitaLand Investment Limited (CLI), has invested almost S$100m (鈧�66m) in its first build-to-suit development in Singapore and three freehold self-storage facilities in Japan.
ESA has acquired central Tokyo self-storage facilities and started a development programme, purchasing a site in Singapore for a 185,000sqft facility.
CLI said this marked the first industrial government land sale awarded by the Jurong Town Corporation (JTC) for self-storage use. The project will add to ESA鈥檚 Singapore portfolio of 12 self storage facilities.
Patricia Goh, CEO, Southeast Asia investment and head, logistics and self-storage, CLI and director, storage ventures Asia, said: 鈥淪ince partnering with APG Asset Management in 2022 to acquire ESA, we have deployed more than S$500m in equity to grow ESA鈥檚 portfolio from 70 to more than 100 facilities, totalling 3m sqft, solidifying its position as one of Asia鈥檚 foremost self-storage operators.
鈥淐LI will continue to leverage our fund management capabilities, deal sourcing expertise, and global network to scale ESA and capture structural growth across key Asia Pacific markets.鈥�
Tim Alpe, MD and head, Extra Space Asia, said: 鈥淲e aim to grow ESA鈥檚 portfolio to S$2bn by 2028, capitalising on the strong demand driven by rising urbanisation, accelerating e-commerce consumption, and increasing space constraints in densely populated cities.
鈥淓SA is now one of Asia鈥檚 largest self-storage businesses with a growing presence in Singapore, Japan, South Korea, Taiwan (China), Malaysia, Hong Kong SAR and Australia. As a leading operator across our key markets, ESA鈥檚 portfolio maintains a high average occupancy of over 90%.鈥�
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