Artist's impression of the upcoming Extra Space Asia 185,000 sq ft self-storage facility at Kaki Bukit Avenue 5 (Picture: CapitaLand Investment)
Singapore-based global asset manager CapitaLand Investment Ltd (CLI) has announced that its self-storage platform, Extra Space Asia (ESA), will invest about $100 million in its first build-to-suit flagship development in Singapore and acquisitions in Tokyo.
ESA was awarded an industrial site at Kaki Bukit Avenue 5 by Jurong Town Corporation (JTC) on Sept 18, after submitting the sole bid of $31.39 million. The 74,309 sq ft site, with a 33-year lease, marks the first industrial government land sale by JTC designated for self-storage use.
ESA company plans to develop a 185,000 sq ft facility, which will be Singapore’s first self-storage project to achieve the Green Mark Super Low Energy Building certification.
Upon completion, ESA’s Singapore portfolio will expand to 13 properties across the island, with a total gross floor area (GFA) exceeding 1.5 million sq ft.
Securing the Kaki Bukit site for its flagship self-storage facility in Singapore is “a major milestone that will showcase our development capabilities,” says Tim Alpe, managing director and head of ESA.
The company has also acquired three operating self-storage facilities in Tokyo’s 23 Wards, the city’s core urban area. This brings its Japan portfolio to 17 facilities spanning more than 60,000 sq ft of GFA.
“Self-storage is a key investment theme in CLI’s private funds strategy, with ESA central to our Asia-focused growth,” says Patricia Goh, CEO of Southeast Asia investment and head of logistics & self-storage at CLI.
In October 2022, CLI partnered Netherlands-based pension fund asset manager APG Asset Management to acquire ESA for an initial equity investment of $570 million, and the option to increase the investment to $1.14 billion.
Since then, more than $500 million in equity has been deployed to grow ESA’s portfolio from 70 to over 100 facilities, totalling 3 million sq ft across Asia. This expansion has solidified ESA’s position as one of the region’s leading self-storage operators, says Goh.
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ESA’s portfolio maintains a high average occupancy of over 90%, according to Alpe. The company plans to expand its portfolio to $2 billion by 2028, capitalising on rising urbanisation, e-commerce growth and space constraints in densely populated cities.
“ESA is now one of Asia’s largest self-storage businesses, with a growing presence in Singapore, Japan, South Korea, Taiwan (China), Malaysia, Hong Kong SAR and Australia,” says Alpe.
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