March 8, 2024

1 Min Read

StorHub Group, which operates nearly 500 self-storage facilities throughout Asia, has launched subsidiary StorHub Australia to expand aggressively in that region on the heels of having secured $300 million in fresh equity commitments. The money has already funded five acquisitions in Canberra, Melbourne and Sydney, comprising about 655,000 square feet. The company aims to become one of the leading self-storage platforms in Australia, according to sources.

StorHub’s facility in Rouse Hill, Sydney, opened in August. The company has four others under development in Sydney suburbs Alexandria and Miranda, as well as Melbourne’s Clifton Hill and a site in Canberra.

“The self-storage industry in Australia is at an inflection point, driven by multiple favorable tailwinds, including record population growth fueled by immigration and attractive demographics, increasing residential density and evolving working-from-home conditions. These factors are creating a greater demand for modern, flexible and well-located self-storage,” said Simon DeGaris, the new CEO of StorHub Australia and a former acquisitions manager for Sydney-based Kennards Self Storage. DeGaris indicated that the company plans to expand in gateway cities through “strategic acquisitions and developments,” a source reported.

Launched in 2003, StorHub Group operates nearly 500 facilities across 17 cities in China, Hong Kong, Japan, Malaysia, Singapore and South Korea. Its portfolio comprises more than 6.4 million square feet of gross floor area, with more than 70,000 storage units, according to a source.

Sources:
Financial Review, Singaporeans Plot Aussie Self-Storage Raid With $460m War Chest
Business Times, StorHub Pumps US$300 Million Into Australian Expansion Plan, Snaps Up 5 Assets

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