This article is from the Australian Property Journal archive
PAN-Asian self-storage owner and operator StorHub Group has netted $460 million in equity commitments to launch into the Australian market.
StorHub Australia will be headed up by Simon DeGaris, who has nearly 20 years of experience in a variety of roles in the industry, including at Kennards Self Storage, and seeded with five assets in Sydney, Melbourne, and Canberra.
The seed assets will total combined gross floor area of of 56,210 sqm. They include an operating asset in Sydney’s Rouse Hill of 12,300 sqm, and two developments in Alexandria and Miranda, and development sites in Melbourne’s Clifton Hill and in Canberra.
Moving forward, StorHub Australia plans to further expand its footprint in gateway cities such as Sydney, Melbourne, and Brisbane through strategic acquisitions and developments, capitalizing on a robust pipeline of opportunities.
StorHub Group was launched in 2019 by investment firm giant Warburg Pincus. It has acquired and developed more than 480 stores, covering a 655,000 sqm and housing over 70,000 storage units. It serves nearly 50,000 customers across 17 cities in Singapore, Japan, Malaysia, South Korea, mainland China, Hong Kong, and now, Australia.
StorHub will also leverage management expertise from Shawn Weidman, former chief operating officer of Public Storage who now sits on the board of StorHub, and Patrick Vanderpool, a former Public Storage executive and StorHub’s current COO.
“Besides the self-storage facilities offered to individuals, StorHub Australia also provides tailored self-storage solutions and value-adding services to small- and medium-sized enterprises that include co-working spaces, free Wi-Fi, and printing services,” StorHub said.
CEO DeGaris said, “The self-storage industry in Australia is at an inflection point, driven by multiple favourable tailwinds, including record population growth fuelled by immigration and attractive demographics, increasing residential density, and evolving working from home conditions.
“These factors are creating a greater demand for modern, flexible and well-located self-storage.”
Warburg Pincus is also the co-founder of ESR, which has grown to become Asia’s largest real asset fund manager since its establishment in 2014. ESR launched ESR Australia in 2018, led by industry veteran Philip Pearce, which has since to $15.4 billion in assets under management.
