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U.K. Self-Storage Operator Safestore Forms JV to Enter the Dutch Market
Safestore operates 146 self-storage facilities, including 119 facilities in the U.K

August 19, 2019: U.K.-based self-storage operator Safestore Holdings PLC, has launched a joint venture with The Carlyle Group, a global private-equity firm to acquire the M3 Self Storage portfolio in The Netherlands and enter the Dutch market. The company will invest about €5 million for a 20 percent state in the Dutch operation, which has six properties in Amsterdam and Haarlem.  The company will manage the facilities and brand them under the Safestore name. The transaction is expected to close this month.

The M3 portfolio in Netherlands comprises 277,000 net rentable square feet. Its three Haarlem locations are freehold sites, while two Amsterdam facilities are “subject to perpetual ground leases,”. The third Amsterdam location is a leasehold property with nine years remaining. One of the properties is still under development, with construction expected to be complete this month. The operating portfolio has a physical occupancy of 68 percent. The acquisition will be made by the Carlyle European Real Estate Fund.

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 will enable us to target additional selected development and acquisition opportunities” Said by Frederic Vecchioli, Safestore CEO.

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 recognized industry leader as our partner.” Said by Marc-Antoine Bouyer, managing director of Carlyle Europe Realty.

Safestore operates facilities in France and the United Kingdom. Its storage properties comprise 6.37 million square feet of storage space and serve approximately 64,000 customers.

Carlyle Group deploys private capital across four business segments: corporate private equity, global credit, investment solutions and real assets. With $223 billion of assets under management, it employs more than 1,775 people in 33 offices across six continents.