StorHub Acquires Storage PLUS

On Sept. 11, one of the largest self-storage transactions to ever transpire in Japan occurred when StorHub Group completed a 100 percent share capital acquisition of Storage PLUS Corp. from Ichigo Inc. StorHub, which was founded in 2003, now has approximately 390 stores that are owned, leased, and managed, reaffirming it as a leading player in Japan and the largest pan-Asia self-storage platform with a strong and growing presence in seven key markets.

StorHub has accelerated its growth over the past four years since Warburg Pincus acquired the company from CapitaLand in 2019; it has acquired and developed approximately 440 stores spanning over 6.4 million square feet of GFA and more than 70,000 storage units across Australia, Greater China, Japan, Malaysia, Singapore, and South Korea.

Mike Hagbeck, CEO of StorHub, said, “We are pleased to welcome the Storage PLUS team to the StorHub Group. Storage PLUS is an industry leader in Japan with a long track record of outperformance. This strategic move is set to accelerate our platform growth in Japan. In recent years, the Japan market has witnessed robust growth in self-storage demand. We are excited about the opportunities to bring our 20 years of experience and expertise in self-storage to a broader range of customers across the market.”

The company aims to amass a high-quality portfolio of up to $5 billion (USD) of assets via organic and M&A growth in the coming years with the plan of an eventual IPO.

Li Fan, managing director of Warburg Pincus and Board Director of StorHub, said, “We have continued to see strong underlying demand for self-storage driven by continued urbanization, rising housing prices in Asia's metropolitan areas and the de-cluttering of apartments due to hybrid work post pandemic. We believe Asia'sself-storage industry is approaching an inflection point and is poised for accelerated growth in the coming years. StorHub is well-positioned with a best-in-class management team and an unmatched value proposition to capture the tremendous growth opportunities ahead.”