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Warburg Pincus Backed Self Storage Platform StorHub Group Launches Business In Australia With Five Quality Seed Assets And USD 300 Million Of Equity Commitment

7 March 2024

Warburg Pincus-backed Self-Storage Platform, StorHub Group Launches Business in Australia, with Five Quality Seed Assets and USD300 Million of Equity Commitment

  • With five quality seed assets, StorHub has entered the Australian self-storage market and is set to become one of the fastest growing self-storage platforms in Australia
  • Simon DeGaris, a 17-year veteran in Australia’s self-storage industry, has been appointed CEO of StorHub Australia
  • The expansion into Australia further accelerates StorHub’s pan-Asia growth strategy and adds to its 655,000 sqm of facilities located in gateway cities across 7 markets in APAC

Sydney/Singapore, March 7th, 2024 – StorHub Group (“StorHub”), Asia’s leading self-storage owner and operator, today announced its expansion into the Australian market with the launch of StorHub Australia, which is backed by a USD300 million (AUD460 million) equity commitment. Simon DeGaris, an industry veteran with nearly 20 years of experience in a variety of roles, including at Kennards Self Storage, has been appointed CEO of StorHub Australia. The platform in Australia is seeded with five quality assets in Sydney, Melbourne, and Canberra, with a combined Gross Floor Area (GFA) of 56,210 sqm, establishing itself to become one of the leading self-storage platforms in Australia. Founded in 2019 by Warburg Pincus, StorHub has emerged as APAC's largest multi-country self-storage platform through a buy-and-build strategy. StorHub boasts an end-to-end integrated platform with capabilities to source, convert/acquire, and operate. Over the past four years, StorHub has acquired and developed more than 480 stores, covering a GFA of 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 SAR, and now, Australia. With deep local market experience, StorHub also leverages management with expertise from the industry's largest players, including 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 the current Chief Operating Officer of StorHub.

Australia marks the 7th market of StorHub's regional expansion. StorHub Australia is seeded with five strategically located quality assets - Rouse Hill, Alexandria, Miranda in Sydney, Clifton Hill in Melbourne and a site in Canberra, acquired since 2023. StorHub Australia’s first operating site in Rouse Hill, with a GFA of 12,300 sqm was opened in August 2023. 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. Upon the full rollout of its state-of-the-art technology platform, StorHub Australia is committed to providing Australian customers with best-in-class service and experience, including 24/7 accessible modern storage facilities that are conveniently located, safe and secure. 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 (SMEs) that include co-working spaces, free Wi-Fi, and printing services. Simon DeGaris has been appointed as Chief Executive Officer of StorHub Australia, bringing nearly two decades of invaluable expertise in the self-storage markets of Australia and New Zealand, including from Kennards Self Storage.

Simon DeGaris, CEO of StorHub Australia, commented, “I am excited about the opportunity to lead StorHub in Australia. 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.”

“StorHub is already a dominant player in Asia’s self-storage in industry and it’s a natural step for StorHub to expand into and grow in Australia. With the conviction of the growth prospects of the industry, support from Warburg Pincus and our strong value propositions to the customers, we believe StorHub Australia is well poised to become one of the leading self-storage platforms in the country,” Simon said.

StorHub Group was launched in 2019 by Warburg Pincus, a leading global growth investor, which has played a critical role in driving the growth and expansion of StorHub Group across the region, leading to an eightfold increase in GFA over the past four years. As one of APAC's largest real estate investors with over USD8 billion of capital across 70 investments, Warburg Pincus has a proven track record of quickly and effectively scaling regional real estate platform businesses. 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 witnessed remarkable growth in AUM, reaching AUD15.4 billion within a five-year span.

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