StorHub Group, which operates more than 40 self-storage facilities across seven Asian countries, has acquired a majority stake in Malaysian self-storage operator Flexi Storage, which will be established as a new brand, StorHub Self Storage Malaysia. The move coincides with StorHub’s fourth acquisition in Malaysia and is part of the company’s planned expansion. The current Malaysia portfolio comprises a gross floor area of more than 85,000 square feet and more than 1,000 units, according to a press release.
“With 20 years of experience being the longest operator in Singapore and Asia Pacific, we are steadfast with our aim to become a dominant Pan-Asian self-storage player by capturing the rapid growth of the self-storage industry across key markets,” said Mike Hagbeck, group CEO for StorHub. “We aim to bring along a wealth of experience in building safe and secure self-storage facilities and to strongly understand the needs of our self-storage customers in Malaysia.”
Flexi Storage was founded in 2015 by Desmond How and Alex Lee. How will serve as CEO of the new brand, while Lee will assume the role of chief operating officer. “We are happy to be a part of StorHub Group, alongside Singapore’s most established self-storage operator,” How said. “In Malaysia, we have observed close to 90% occupancy rate across our facilities, which drives our growth trajectory to expand further in Malaysia.”
Malaysia’s rapid urbanization makes it an attractive target, StorHub officials said. The company intends to open eight facilities there over the next two years, according to the source. “We plan to acquire properties across Klang Valley, Penang and Johor as part of our expansion, seeing that it is a key growth market in the region,” said David Chin, group chief investment officer for StorHub.
The recently purchased StorHub Self Storage Malaysia location on Old Klang Road in Kuala Lumpur is the brand’s first inside a residential building. It has a second facility in Kuala Lumpur as well as sites in Petaling Jaya and Sri Kembangan.
Launched in 2003, StorHub Group operates self-storage facilities in China, Hong Kong, Japan, Korea, Malaysia, Singapore and Thailand. Its portfolio comprises more than 5.1 million square feet of gross floor area, with more than 70,000 storage units, according to the company website.
Source: The Edge Malaysia, Singapore’s StorHub Group to Open Eight Self-Storage Facilities in Malaysia Over Next Two Years