BlackRock Purchases StoreLocal (Not THAT StoreLocal)

New York-based investment firm BlackRock Inc., the world's largest asset manager with an estimated $11.5 trillion in assets in more than 100 countries, has entered the self-storage sector. The firm purchased privately-owned Australian operator StoreLocal, which manages more than 30 facilities across New South Wales, South Australia, Victoria, Queensland and West Australia. Founding in 2015, StoreLocal has a portfolio valued at approximately $400 million.

StoreLocal was placed on the auction block in January, when StoreLocal cofounders Mark Greig, Rob Mactaggart, and Hans Pearson hired boutique firm Highbury Partners to find an equity firm to help bankroll its growth strategy. In 2022, StoreLocal received a $100 million investment from Switzerland-based Partners Group AG, a global private-markets firm, to fund its previous expansion.

COMMENTS