Swiss Firm Invests $100M to Fuel Expansion by Australia Self-Storage Operator StoreLocal

June 16, 2022

1 Min Read
Swiss Firm Invests $100M to Fuel Expansion by Australia Self-Storage Operator StoreLocal

Switzerland-based Partners Group AG has invested $100 million into a fund launched by StoreInvest, a managed-investment platform affiliated with Australia-based self-storage operator StoreLocal Pty. Ltd. This capital, along with another $10 million contributed by private investors, will be used to fund StoreLocal growth through acquisitions, new development, expansion of existing facilities and third-party management, according to the source.

StoreLocal operates more than 30 locations in Australia and intends to double its number of facilities in the next three years. Portions of the Partners Group investment will initially be used for projects in Brisbane, Melbourne and Perth, with the long-term goal to assemble a fund portfolio worth about $300 million, the source reported.

“The self-storage sector in Asia-Pacific is benefitting from multiple tailwinds, and we have conviction in its future growth prospects,” Partners Group Principal Euan Kennedy told the source. “In Australia, the desire for more living space, combined with shrinking apartment sizes in urban areas, is driving demand for self-storage. This investment provides us with exposure to the country’s highly fragmented self-storage market as well as consolidation opportunities.”

Partners Group is a global private-markets firm that’s publicly traded on the SIX Swiss Exchange. Its Private Real Estate division has $18 billion in assets under management, according to the company website.

Founded in 2015, StoreLocal is locally owned and operated. It has facilities in New South Wales, Queensland, Victoria and Western Australia.

Source: Financial Review, StoreLocal Group Secures $100M Equity Injection From Partners Group

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