Singapore’s GIC invests in US-based self-storage player StorageMart

Singapore sovereign wealth fund GIC, Cascade Investment and other investors have taken stakes in StorageMart, the US-based self-storage company said in a statement Tuesday.

The transaction values StorageMart, which says it is the largest privately owned self-storage company globally, at $2.7 billion, the statement said.

The company, with locations in the US, UK and Canada, is majority owned by Stanley Kroenke and the Burnam Family, which founded StorageMart, the statement said. StorageMart owns, operates and develops self-storage properties, it added. It has around 225 properties across the three countries.

“The self-storage sector is rapidly evolving, and companies that can deploy technology, enhanced operations, and a truly memorable customer experience are going to outperform,” Cris Burnam, CEO of StorageMart, said in the statement.

“To do this, scale is a fundamental requirement. By combining the forces of Mr. Kroenke and our new partners GIC and Cascade Investment, StorageMart will be in an unrivaled position to achieve its growth strategies in both current and new markets,” Burnam added.

Citigroup was the exclusive financial advisor to StorageMart on the deal, while Kirkland & Ellis provided legal counsel, the statement said.

Within the US, the self-storage sector has faced some damage from the COVID-19 pandemic.

A report from real estate service provider JLL showed revenue in the second quarter of this year fell 2.7 per cent on-year, while expenses rose 3.4 per cent and net operating income declined 5.2 per cent. The report cited data from US self-storage REITs.

But the report pointed to some figures that suggest the full picture isn’t visible yet, noting the Extra Space Storage REIT reported its same-store occupancy at end-July was 95.7 per cent, up from 94.2 per cent a year earlier, but that occupancy may have been inflated by 200 basis points as the pandemic delayed auctions of delinquent units.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.