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鈥檚 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, N眉rnberg, and Mannheim.
Safestore said it is investing 鈧�2.2m initially for a 10% share of the partnership.
The joint venture marks Safestore鈥檚 entry into the German self-storage market.
The latest partnership follows Safestore and CER鈥檚 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: 鈥淭his 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.
鈥淲e are excited by the opportunity to continue working alongside Safestore to identify development and acquisition opportunities in this highly attractive market.鈥�
Frederic Vecchioli, CEO of Safestore, said: 鈥淔ollowing 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.
鈥淕ermany is one of Europe鈥檚 most under-penetrated self-storage markets and I look forward to growing our presence there.鈥�
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