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Warburg Pincus-Backed StorHub Completes Acquisition of Storage PLUS in Japan

Warburg Pincus-Backed StorHub Completes Acquisition of Storage PLUS in Japan

- Represents one of the largest self-storage M&A transactions ever in Japan   

- Transaction consolidates StorHub's position as a leading self-storage player in Japan and it further reinforces StorHub's position as the largest pan-Asia self-storage platform with a strong and growing presence in seven key markets

SINGAPORE, Sept. 11, 2023 /PRNewswire/ -- StorHub Group (StorHub or the Company), Asia's leading self-storage platform, announced today that it has completed a 100% share capital acquisition of Storage PLUS Corp., a premium self-storage provider in Japan with a longstanding track record, from Ichigo Inc. Following the transaction, StorHub will become one of the largest self-storage operators in Japan, with approximately 390 stores that are owned, leased and managed, and it also reaffirms StorHub's position as the largest pan-Asia self-storage platform with a strong and growing presence in seven key markets.

StorHub Self Storage, 615 Lorong Toa Payoh Singapore 319516
StorHub Self Storage, 615 Lorong Toa Payoh Singapore 319516

StorHub, founded in 2003 in Singapore, is a pioneer in Asia's self-storage industry.  While StorHub initially focused on building a market leading presence in the Singapore market, the Company has accelerated its growth over the past four years since Warburg Pincus' acquisition.  Over that period, the Company has acquired and developed approximately 440 stores, becoming Asia's leading self-storage platform with facilities spanning over 6.4 million square feet of GFA and more than 70,000 storage units across Australia, Greater China, Japan, Malaysia, Singapore and South Korea.

In achieving its outsized growth, StorHub has focused on corporate M&A in addition to organic growth.  In 2020, StorHub entered the Japan market through the acquisition of Tokyo Reise Box, one of the oldest self-storage operators in Japan (which was later rebranded as ROOT StorHub). Today, ROOT StorHub is one of the leading self-storage operators in Japan. The addition of Storage PLUS, which is also a leading self-storage operator in Japan, with approximately 100,000 square feet of GFA, is expected to deliver significant scale for the StorHub business in Japan.

Mike Hagbeck, CEO of StorHub, said, "We are pleased to welcome the Storage PLUS team to the StorHub Group. 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."

Since its acquisition of StorHub from CapitaLand in 2019, Warburg Pincus quickly relaunched the business as a pan-regional Asia focused platform. Over the past few years, Warburg Pincus has played a critical role in driving the growth and expansion of StorHub across the region. The platform aims to amass a high-quality portfolio of up to US$5bn of assets via organic and M&A growth in the coming years with the plan of an eventual IPO.

Li Fan, Managing Director of Warburg Pincus and Board Director of StorHub, said, "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 de-cluttering of apartments due to hybrid work post pandemic. 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."

Dan Morisaku, Head of Business Promotion, said: "StorHub is a leading self-storage platform in Asia, with strong backing from Warburg Pincus and a deeply experienced management team. Following a strategic review process, we believe StorHub is the ideal partner to lead the next phase of growth of Storage PLUS and deliver greater value to our customers."

About StorHub

StorHub is a leading self-storage platform in Asia with operations across key gateway cities in the Asia Pacific region. Founded in Singapore in 2003, StorHub currently owns and manages facilities spanning over 6.4 million square feet of GFA and more than 70,000 storage units across key markets in Australia, Greater China, Japan, Malaysia, Singapore and South Korea. StorHub offers individuals and businesses a range of reliable and secure storage solutions to resolve storage challenges at home or work. For more information, please visit https://www.storhub.com

About Storage PLUS

Storage PLUS is one of the leading self-storage operators in Japan. Storage PLUS was acquired by Ichigo Inc. in 2017 and has since doubled in size from 16 stores to 35 stores, achieving occupancy of over 90% by digitizing Storage PLUS's processes and strengthening its sales and marketing activities. For more information, please visit https://www.storageplus.co.jp/.

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