Carlyle Group’s JV with Safestore Holdings Gains Traction in Northern Europe
Posted on 06/20/2020
The Carlyle Group and Safestore Holdings PLC had formed a joint venture to invest in self-storage properties in Europe. In June, the joint venture bought the six-property Lokabox self-storage approximate 222,000 rentable area portfolio in Belgium. The transaction includes two facilities each in Brussels and Liege and one each in Charleroi and Nivelles. Safestore’s contribution to the Lokabox purchase was about €2.8 million.
In August 2019, the joint venture purchased the M3 Self Storage portfolio in The Netherlands.
Carlyle Group, through Carlyle Europe Realty, owns 80% of the joint venture, while Safestore owns the other 20%. Carlyle Europe Realty is a €540 million European real estate fund.
According to the press release, the self-storage market in Belgium is the seventh largest in Europe.
Safestore Holdings operates 158 self-storage facilities, including 126 facilities it owns in the U.K., 28 in France, and four in Spain. Its storage properties comprise 6.78 million square feet of storage space and serve approximately 75,000 customers.
