Evergreen Real Estate Partners LLC, a global real estate investment partnership, has acquired Quraz, the largest self-storage operator in Japan, including 100 percent of its operating shares and trust beneficiary interests for all of its storage properties. Evergreen intends to grow the Quraz network in Japan and increase consumer awareness of the self-storage concept, company officials said.
Headquartered in Tokyo, Quraz operates 48 storage locations in 10 cities, totaling about 29,000 units. The company’s footprint includes 35 facilities in Greater Tokyo. Quraz has been ranked the No. 1 self-storage operator in the country by the Oricon Consumer Survey for four consecutive years in the categories of brand recognition, customer satisfaction and value.
Quraz has 185 employees serving its residential and commercial customers. Its management team, led by president Steve Spohn, has remained in place, officials said.
In connection with the acquisition, Evergreen secured JPY 20 billion in non-recourse, long-term debt financing from Prudential Mortgage Asset Holdings 1 Japan Investment Business Limited Partnership, which is a part of Prudential Financial Inc. Evergreen officials believe the financing is the first of its kind in Japan’s self-storage market, the company said in a press release.
Evergreen is a $3 billion global real estate investment partnership affiliated with M3 Capital Partners, a real estate investment and advisory firm with offices in Chicago, New York, London, Hong Kong and São Paulo. As an institutional investor in the global self-storage market, Evergreen also has self-storage investments in the United States through The Lock Up Self Storage and in Europe through Pelican Self Storage.