APG Asset Management and CapitaLand Investment to acquire Extra Space Asia for $404m.

Asset management firms APG Asset Management and CapitaLand Investment, agreed to acquire Extra Space Asia, a self-storage operator, for $404m. “Self-storage is one of the alternative asset classes that has remained impressively resilient during the pandemic and looks set to continue benefitting from strong growth tailwinds supported by favourable demographics and lifestyle trends in Asia. This is an opportune time to enter the emerging sector with a new platform that will augment CLI’s funds under management and fee-related earnings. We view the self-storage platform as an extension of CLI’s logistics platform, well-positioned to capture the increasing demand for flexible storage and last-mile delivery requirements in tandem with the growth of e-commerce," Patrick Boocock, CLI CEO.