Safestore and The Carlyle Group has formed a joint venture to acquire a six-store portfolio of self-storage units from Lokabox.
Lokabox has six Belgian stores in prime locations in Brussels (two), Liege (two), Charleroi and Nivelles totaling 20,600 square meters (222,000 square feet) of lettable space.
The Belgian self-storage market is the seventh largest in Europe, with 90 stores and 2.2 million square feet of lettable space. The joint venture intends to continue to expand its platform by investing in further development and acquisition opportunities in self-storage across Europe.
The Carlyle Group has an 80 percent shareholding in the joint venture through Carlyle Europe Realty (CER), a €540 million ($605 million) Pan-European real estate fund, with Safestore holding the balance.
Marc-Antoine Bouyer, managing director on the Carlyle Europe Realty advisory team, said, “This second acquisition for the joint venture builds on the pan-European investin
