The joint venture between U.K.-based self-storage operator Safestore Holdings PLC and global private-equity firm The Carlyle Group has acquired Opslag XL, a three-property self-storage portfolio in The Netherlands. The purchase comprises 75,000 square feet across two freehold locations in The Hague and Hilversum regions and one short leasehold in Amsterdam, according to a press release.
Carlyle holds an 80 percent share of the joint venture, which was establish in August 2019 through Carlyle Europe Realty (CER), a €540 million European real estate fund. The partnership initially acquired the six-property M3 Self Storage portfolio in The Netherlands and followed that up last year by purchasing the six-property Lokabox self-storage portfolio in Belgium.
“This acquisition represents the next step in establishing a significant platform in the rapidly growing European self-storage market, which has benefitted from positive demographic and social trends and been resilient during the COVID-19 pandemic,” said Marc-Antoine Bouyer, managing director of the Carlyle Europe Realty advisory team. “We look forward to continuing to work alongside Safestore to unlock further value in our portfolios and seek additional opportunities in the European self-storage market.”
“This acquisition increases our exposure to the attractive Dutch self-storage market,” said Frederic Vecchioli, CEO of Safestore. “In combining the specialist industry knowledge of Safestore with the pan-European investing experience of Carlyle, we continue to identify prime development and acquisition opportunities, building on our multi-country, highly scalable platform.”
Safestore operates 159 self-storage facilities, including 127 facilities it owns in the U.K., 28 in France and four in Spain. Its storage properties comprise 5.45 million square feet of storage space and serve approximately 75,000 customers.
Carlyle deploys private capital across four business segments: corporate private equity, global credit, investment solutions and real assets. With $230 billion of assets under management, it employs more than 1,800 people in 30 offices across six continents.
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