CapitaLand Investment (CLI) and APG Investments Asia have entered into a joint venture (JV) to establish a self-storage platform that’s focused on the Asian market.
APG Investments Asia is the investment manager for the largest pension provider in the Netherlands.
The partners will be committing an initial equity investment of $570 million to fund the acquisition of Extra Space Asia (ESA) and its expansion needs. The investment comes with an option to invest up to $1.14 billion in total. APG will be contributing 90% of the investment amount while CLI will come up with the remaining 10%.