Extra Space Self Storage of Asia Acquires Majority Stake in Storeasy in Taipei, Taiwan

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Extra Space Self Storage of Asia, a privately owned business, has acquired a majority stake in Storeasy Self Storage, an operator based in Taipei, Taiwan. Extra Space currently operates facilities in Korea, Malaysia and Singapore. The properties will be rebranded as Storeasy by Extra Space.

Storeasy operates 10 facilities featuring more than 2,000 units in key locations around Taipei and New Taipei City, according to an Extra Space press release. The facilities offer a mix of unit sizes for commercial and residential customers.

Storeasy Founder Jimmy Tao will continue as a company shareholder. “We are very pleased to partner with Extra Space in this exciting opportunity,” he said. “This merger will allow Storeasy to rapidly expand its business and offer innovative storage solutions to customers across Taiwan. With the combined resources and capabilities of Extra Space and Storeasy, we will become a more robust company, able to cater to Taiwan’s increasing demand for self-storage space.”

With the investment in Storeasy, Extra Space will operate a portfolio of 19 facilities in four countries, encompassing more than 1 million square feet of storage space and serving more than 8,500 customers.

“This merger is a validation of both companies’ strategic vision for the future,” said Extra Space CEO Kenneth Worsdale. “Extra Space and Storeasy have been rapidly expanding in the past few years. This strategic alliance will deliver greater geographical coverage and allow us to quickly become a truly regional player in the self-storage industry.”

Extra Space opened its first self-storage facility in Singapore in 2007 and now operates five properties in the region. It opened its first property in Seoul, Korea, in 2010, and its first in Kuala Lumpur, Malaysia, in 2012. The company opened two new properties in Kuala Lumpur, Extra Space Segambut and Extra Space Section 51A, in July. A second Korean facility will open in September in Bundang.

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