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The Carlyle Group, Safestore Partnership Enters German Self-Storage Market With myStorage Acquisition

December 6, 2022

2 Min Read
The Carlyle Group, Safestore Partnership Enters German Self-Storage Market With myStorage Acquisition

A joint venture between global private-equity firm The Carlyle Group and U.K.-based self-storage operator Safestore Holdings PLC has acquired the Germany-based self-storage operator myStorage. The seven-facility portfolio comprises about 326,000 rentable square feet across major metropolitan areas including Berlin, Mannheim, Nürnberg, Stuttgart and Ulm, according to a press release.

Safestore’s $2.3 million contribution will give it a 10% stake in the venture. The company will also be paid to operate the facilities through its management platform, according to a source. The deal structure is similar to that of earlier partnerships the companies have made in Belgium and The Netherlands. In March, Safestore acquired the remaining 80% stake in the 15 facilities involved in those transactions.

“This acquisition re-establishes our presence in the European self-storage market, entering into the fragmented German market where the supply-demand gap is particularly pronounced,” said Erik Orbach, managing director for Carlyle Europe Realty, Carlyle’s European real estate platform. “We are excited by the opportunity to continue working alongside Safestore to identify development and acquisition opportunities in this highly attractive market.”

“Following our previous successful joint venture with Carlyle, we are delighted to have established a new joint venture in Germany, which has acquired this institutional-quality self-storage portfolio located in prime cities across the country,” said Safestore CEO Frederic Vecchioli. “Germany is one of Europe’s most under-penetrated self-storage markets, and I look forward to growing our presence there.”

In a separate move, Safestore also acquired land in Rotterdam, the Netherlands, on which it intends to build a 71,000-square-foot self-storage facility, a source reported.

Safestore operates 179 other self-storage facilities, including 130 it owns in the U.K., 29 in France, nine in the Netherlands, six in Belgium and five in Spain. Its properties comprise 7.7 million square feet of storage space and serve approximately 90,000 customers.

Carlyle deploys private capital across four business segments: corporate private equity, global credit, investment solutions and real assets. With $369 billion of assets under management, it employs more than 2,100 people in 29 offices across five continents.

Sources:
Carlyle, Carlyle and Safestore Acquire Portfolio of Self-Storage Assets in Germany
Morningstar, Safestore Enters German Market in JV With Carlyle Group
Safestore, Safestore and Carlyle Form Joint Venture to Enter German Market

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