Australia-based DBI Storage Pty. Ltd. has purchased a five-property self-storage portfolio in Western Australia from KBH Group for $84 million. KBH plans to use the funds to expand on the East Coast, where demand for self-storage is on the rise, according to the source.
The deal includes a five-year management agreement for four properties branded as KeepSafe Storage and one as Welshpool Self Storage. KBH will retain ownership of one of its five KeepSafe sites. It’ll also continue to own Coastal Service Units in Mandurah, Western Australia, and Pier 21 Marina in North Fremantle, a suburb of Perth. The company retains the rights to branding, intellectual property, proprietary systems and employees.
“We're extremely proud of what we have been able to achieve in a relatively short period,” said Shaun Bain, managing director for KBH. “We have developed greenfield sites, acquired and improved existing sites, and undertaken management of third-party sites. In each of those facilities, we were able to deliver an industry-leading experience to our customers—and exceptional returns to our shareholders and investors—in what has been a difficult trading period.”
Based in Perth, West Australia, KBH was founded in 2009 by Kevin Bain, Shaun Bain, Nathan Hewitt and Stuart Kenny. It opened its first site in 2015.
Business News Australia, KBH Group Sells WA Self-Storage Portfolio for More Than $84M