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20 Mar 2022 06:00AMCapitaLand Investment To Invest $100 Million in Flagship Development and Acquisitions in Singapore and Tokyo

CapitaLand Investment Ltd (CLI), a global asset manager based in Singapore, has announced plans to invest approximately $100 million in its self-storage platform, Extra Space Asia (ESA). The investment will be used for the development of a $31.39 million industrial site in Kaki Bukit Avenue 5, Singapore, as well as acquisitions in Tokyo.

On September 18, ESA successfully secured the industrial site from Jurong Town Corporation (JTC) through a single bid. The 74,309 square foot site, with a 33-year lease, is the first industrial government land sale designated for self-storage use by JTC. ESA intends to develop a 185,000 square foot facility, which will be the first self-storage project in Singapore to receive the Green Mark Super Low Energy Building certification.

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Following the completion of this development, ESA’s portfolio in Singapore will expand to 13 properties, totaling more than 1.5 million square feet. According to Tim Alpe, Managing Director and Head of ESA, securing the Kaki Bukit site is a major milestone that will showcase the company’s development capabilities. In addition to the development in Singapore, 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 over 60,000 square feet of gross floor area.

According to Patricia Goh, CEO of Southeast Asia Investment and Head of Logistics & Self-Storage at CLI, self-storage is a key investment theme in CLI’s private funds strategy, with ESA central to its Asia-focused growth. In October 2022, CLI partnered with Netherlands-based pension fund asset manager APG Asset Management to acquire ESA for an initial equity investment of $570 million, with the option to increase the investment to $1.14 billion.

Since then, over $500 million has been invested in growing ESA’s portfolio from 70 to over 100 facilities, totaling 3 million square feet across Asia. This expansion has solidified ESA’s position as one of the region’s leading self-storage operators, according to Goh.

According to Alpe, ESA’s portfolio maintains a high average occupancy of over 90%. The company plans to expand its portfolio to $2 billion by 2028, taking advantage of the increasing urbanization, 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, Malaysia, Hong Kong, and Australia,” says Alpe.