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Storefriendly Opens Hong Kong’s First Self-Owned Self-Storage Facility

Asia-based Storefriendly Self Storage Group has opened a new facility in the Kwun Tong district of Hong Kong. It’s the first self-storage company in the region to own rather than lease the building in which it operates. Storefriendly purchased the property—formerly known as New Media Tower and now functioning as Storefriendly Tower—in partnership with Blackstone Group Inc., a New York-based, alternative investment-management firm. They acquired it earlier this year for HK$508 million, according to “South China Morning Post.”

“Storefriendly’s long-term collaboration with Blackstone allows the platform to capitalize on each other's strengths in property investment and asset management, thereby expanding Storefriendly’s global footprint and asset portfolio to a meaningful size and scale,” said Arthur Law, managing partner for Storefriendly.

The facility at 82 Hung To Road includes traditional self-storage, wine storage and related services presented to customers in a “private-club-like experience,” officials said. It also offers the company’s robotic service, in which storage cabinets are mechanically delivered to tenants at a set station, similar to an elevator. Customers also have access to lounge areas offering beverages, high-speed WiFi and charging stations, according to a press release.

The company’s technology investment includes license-plate recognition for easy parking and an Internet of Things energy-management system to control temperature and humidity. The building is also equipped with LED autosensing lights and rooftop solar panels to help conserve energy and reduce greenhouse-gas emissions, officials said.

“The completion of Storefriendly Tower represents a significant upgrade of the entire self-storage industry [in Hong Kong],” said Kevin Chan, chairman of Storefriendly. “As the market leader in Asia, Storefriendly will continue to target the strong fundamentals in the region as it faces increasing demand for self-storage solutions. We will actively acquire high-quality assets to provide convenient, comprehensive self-storage experience for our customers.”

Founded in 2002, Storefriendly has more than 130 locations across Hong Kong and Macau, China; Singapore and Taiwan. Its portfolio comprises more than 1.1 million square feet.

Sources:
Taiwan News, Storefriendly Announces Grand Opening of Storefriendly Tower (Kwun Tong), First Self-Owned Self Storage Building in Hong Kong
Yahoo News, Storage Wars: Hong Kong’s Industrial Buildings Coveted by Funds as Pandemic Lures Blackstone, Boosts Yield Appeal

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