StorHub Acquires Japan Self-Storage Operator Storage Plus Corp.

StorHub Group, which operates self-storage facilities in Australia and Asia, has acquired Storage Plus Corp., a Japan-based self-storage operator, from Ichigo Inc. The purchase adds 35 facilities and approximately 100,000 square feet of gross floor area to the StorHub portfolio. The company now owns, leases or manages about 390 locations in Japan, according to a press release.

Storage Plus has 15 locations in Tokyo as well as additional properties in the Kanagawa prefecture, outside the capital and in the cities of Fukuoka and Sapporo, according to a source.

“We are pleased to welcome the Storage Plus team to the StorHub Group,” said Mike Hagbeck, CEO of StorHub. “Storage Plus is an industry leader in Japan, with a long track record of outperformance. This strategic move is set to accelerate our platform growth in Japan. In recent years, the Japan market has witnessed robust growth in self-storage demand. We are excited about the opportunities to bring our 20 years of experience and expertise in self-storage to a broader range of customers across the market.”

StorHub entered the Japanese market in 2020 when it acquired Tokyo Reise Box, which it renamed Root StorHub. The company has been implementing an aggressive growth strategy throughout Asia, acquiring and developing about 440 facilities over the last four years, the release stated. Last month, it acquired a majority stake in Malaysian self-storage operator Flexi Storage, and in February, it purchased Mandarin Self Storage in Singapore.

“We have continued to see strong underlying demand for self-storage driven by continued urbanization, rising housing prices in Asia’s metropolitan areas and the decluttering of apartments due to hybrid work post pandemic,” said Li Fan, managing director of Warburg Pincus, which acquired StorHub from CapitaLand in 2019. “We believe Asia’s self-storage industry is approaching an inflection point and is poised for accelerated growth in the coming years. StorHub is well-positioned with a best-in-class management team and an unmatched value proposition to capture the tremendous growth opportunities ahead.”

Launched in 2003, StorHub Group operates self-storage facilities in Australia, China, Hong 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 the company website.

Sources:
PR Newswire, Warburg Pincus-Backed StorHub Completes Acquisition of Storage Plus in Japan
Mingtiandi, Warburg Pincus’ StorHub Acquires Japanese Self-Storage Firm in Second Buyout in One Month