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United Kingdom : The Carlyle Group and Safestore Form Joint Venture to Enter Dutch Self-Storage Market
Publish Date : 23-Aug-2019
Safestore and global investment firm The Carlyle Group (NASDAQ: CG) today announced the formation of a joint venture to acquire M3 Self Storage (M3). M3 currently has six stores in prime locations in Amsterdam and Haarlem totalling c. 25,700 sqm (c. 277,000 sq ft) of lettable space.
The Dutch self-storage market is the fourth largest in Europe with 303 stores and 9.6m sq ft of lettable space. In addition to the initial acquisition, the joint venture intends to expand its platform by investing in further development and acquisition opportunities.
The Carlyle Group will have an 80% shareholding in the joint venture via funds from Carlyle Europe Realty (CER), a 540 million pan-European real estate fund. Safestore will contribute the balance of the initial equity investment in the joint venture. [Additional financial terms were not disclosed.
Marc-Antoine Bouyer, Managing Director, Carlyle Europe Realty, said: This joint venture combines the extensive global and regional insights, and investing experience of the Carlyle Europe Realty team, along with the specialist industry knowledge of the Safestore team, to create a flexible and scalable platform to explore opportunities in the self-storage market. We are pleased to have a recognised industry leader as our partner.
Frederic Vecchioli, Chief Executive Officer of Safestore said: Since 2016, Safestore has successfully invested or committed c. 180m in 38 stores, acquisitions and new developments in its core markets of the UK and Paris.
Safestore has developed a multi-country highly scalable platform with a leading marketing and operational expertise in self-storage. The acquisition of M3 represents an excellent platform for entry into the attractive Dutch self-storage market and we expect that our joint venture with Carlyle Europe Realty will enable us to target additional selected development and acquisition opportunities. We look forward to working with Carlyle, and to developing a long and mutually beneficial relationship.
