Carlyle sells its portfolio of self-storage assets in Benelux to Safestore

London, UK, March 31, 2022– Global investment firm Carlyle (NASDAQ: CG) today announced that it has sold a portfolio of self-storage assets in the Netherlands and Belgium to Safestore (FTSE 250: SAFE), representing 80 % in their joint venture, which was formed in 2019 to access the Benelux self-storage market. The Joint Venture was valued at an enterprise value of €146 million.

The portfolio consists of 15 properties in the Benelux totaling 55,000 square meters of maximum lettable area, concentrated in the urban areas of Amsterdam and Brussels. The joint venture built up the portfolio through the acquisition of two Dutch self-storage operators (M3 Self-storage, Opslag XL) and a Belgian self-storage operator (Lokabox), as well as a development in Netherlands.

The joint venture between Carlyle Europe Realty (CER), Carlyle’s pan-European real estate platform, and Safestore was created in 2019 to acquire and develop assets in the Netherlands and Belgium to access the attractive self-storage market of the Benelux region. The portfolio benefited from strong fundamentals within the European self-storage space, driven by secular demographic trends involving increasing urban density and rising residential prices, combined with insufficient supply in the sector.

Marc-Antoine Bouyer, Managing Director of CER’s advisory team, said: “This transaction marks the culmination of a significant effort to acquire and manage assets through our joint venture with Safestore. to build an institutional-grade self-storage portfolio with exposure to top cities in the Netherlands and Belgium. We believe that the fundamentals of the European self-storage market remain very attractive and we look forward to working alongside Safestore to identify new opportunities on the continent. »

The sale of CER’s self-storage platform in Benelux continues an active start to the year for the European property platform, following the acquisition of 33 logistics assets through 14 transactions in the UK, France, Germany and in the Netherlands, three residential projects in Madrid and new investments in the expansion of British housing developer Beechcroft.

TO FINISH

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business lines: Global Private Equity, Global Credit and Global Investment Solutions. With $301 billion in assets under management as of December 31, 2021, Carlyle’s goal is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and let’s invest. Carlyle employs nearly 1,850 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

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The Carlyle LP Group published this content on March 31, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on March 31, 2022 06:55:08 UTC.

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