Extra Space Asia, a privately owned business that operates self-storage facilities across the Asian continent, has entered the Japanese market via a strategic partnership with Keiyo Logistics, which operates more than 75 Private Box facilities in the country, mostly in Tokyo. Extra Space has agreed to invest in new facility development throughout the nation, according to a press release. Facilities owned by Extra Space but managed by Keiyo will be called Private Box by Extra Space.
Though consumer awareness of self-storage in Japan is still considered low, the joint venture believes the industry is poised for growth. The deal allows Extra Space to become the first self-storage company of non-Japanese ownership to operate in the market. Both operators stand to increase market share, the release stated.
“We are excited to take this leap into Japan’s thriving self-storage industry, an industry that is expected to expand at a faster rate in Japan than any other country in Asia,” said Kenneth Worsdale, CEO of Extra Space. “We look forward to working closely with our partner to bring a greater number of locations to the industry and provide easier access for our customers.”
“The opportunity to work with Extra Space Asia, and further grow the industry in Japan, is very good news for the Private Box brand,” added Takahide Watanabe, chief operating officer of Keiyo. “Our combined strengths will allow us to expand rapidly and become a leader of the industry in Japan.”
Extra Space opened its first self-storage location in Singapore in 2007 and now operates 33 facilities across Hong Kong, Malaysia, Singapore, South Korea and Taiwan. Its portfolio comprises more than 1.3 million square feet of storage space and serves more than 12,000 customers.
