Baker McKenzie has advised Dutch pension investment company APG Asset Management on its joint venture with Singapore-headquartered real estate investment manager CapitaLand Investment to acquire storage operator Extra Space Asia for SGD570 million (USD405 million).
The Baker McKenzie team in Hong Kong was led by partner Jason Ng, with support from registered foreign lawyer Hayley Irons, and associate Deanna Liu.
“This transaction not only provides our client with greater access to Asia’s growing self-storage industry, but also meets its environmental performance aspirations,” said Ng, who also co-chairs the firm’s global funds group.
Founded in 2007 in Singapore, Extra Space Asia is one of the region’s largest self-storage businesses with facilities spanning more than one million square feet of net lettable area across Hong Kong, Kuala Lumpur, Seoul, Singapore, Taipei and Tokyo. The acquisition comes with an experienced management team.
“With much lower penetration rates compared to the more mature self-storage markets in the US and Europe, there is a long growth runway for self-storage platforms in Asia,” said Ng.