Inside Self-Storage

DEC 2018

Inside Self-Storage (ISS) is an information source for industry owners, managers, developers and investors covering news, trends, facility operation, finance, real estate, construction, development, marketing, technology, insurance and legality.

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NEWS Looking for news on industry acquisitions, sales, new hires, new products, events, legislation and more? Keep on top of late-breaking news with the ISS news feed or newsletter. Choose your option at Around the World Inside Self-Storage (ISS) has released its 2018 International Digital Issue, which includes in-depth articles about the growth, challenges and operation of self-storage businesses in Asia, Australia, Canada, Europe, Latin America and the United Kingdom. Written for facility owners, managers and investors, the articles include information about construction, development, industry trends and awareness, operating performance, market challenges, and more. Find it in the ISS Resource Center under "Digital Issues" at The Federation of European Self Storage Associations and investment-management f rm JLL have released research f ndings from a 2018 survey of the European self-storage market. The organizations polled more than 700 facility operators. The results indicate the market continues to grow, though there's uncertainty about how economic factors may impact future supply. Shurgard Self Storage Europe SARL, the European affi liate of U.S.-based real estate investment trust Public Storage Inc., launched an initial global offering, which will consist of a private placement on new shares to institutional investors. The company plans to use the proceeds to help fund its growth strategy and ref nance a loan. Stor-Age Property REIT, which operates self-storage in South Africa and the United Kingdom, has raised R400 million in a recent stock placement, beating its goal by R50 million. The company intends to use the capital to fuel expansion in both nations. Stor-Age also opened a new multi-story facility in Bryanston, South Africa. It's company's 50th location in the country. Stor-Age now operates 20 locations and more than 1.3 million gross leasable area in the Gauteng region. The company also agreed to acquire 12 properties that are currently part of its management portfolio. Stor-Age will purchase Roeland Street Investments 2 and Roeland Street Investments 3 for a combined R58 million. Extra Space Asia has entered the Japanese market via a strategic partnership with Keiyo Logistics, which operates more than 75 Private Box facilities in the country, primarily in Tokyo. Facilities owned by Extra Space but managed by Keiyo will be called Private Box by Extra Space. U.K. self-storage operator Big Yellow Group PLC has raised £67 million through a stock placement with which it intends to develop nine new facilities and expand two others. The company will invest a total of £102 million on the projects, which are expected to add about 680,000 square feet of storage space to its portfolio. Additional funds will be used to fuel long-term expansion goals. People David Rogers, the co-founder and longtime CEO of self-storage real estate investment trust Life Storage Inc., will step down on March 1, though he'll remain on the board of directors. Rogers will be replaced by Joseph Saffi re, who joined the REIT in November as chief investment officer. Metro Storage LLC has promoted Kevin Friedman to the newly created position of director of acquisitions. Friedman will focus on acquisition and development opportunities in Illinois, Minnesota and Wisconsin. His duties will include site identif cation, underwriting, and contract negotiations with property owners and brokers. Investment Real Estate LLC hired John Nicolson as senior f nancial analyst. Nicolson will provide the brokerage team with f nancial analyses and property valuations. He'll also prepare market and feasibility analyses, support the development of proposals, and create and maintain f nancial models. Michael Mele has been named executive managing director of investments for Marcus & Millichap. Previously, he was senior managing director of investments. Last year, Mele was the company's No. 1 self-storage agent and the No. 23 agent for all property types companywide. Absolute Storage Management hired Cherry Blanton as chief f nancial off cer. Previously, she was a managing director and shareholder for CBIZ & MHM, a national f nancial services and accounting f rm. She served clients in a variety of industries with diverse types of owners, ranging from private-equity f rms to family groups. VendorWorks Union Realtime (UT) LLC has partnered with Andover Properties LLC to track monthly occupancy at all Storage King USA facilities. Current and historical data will be added to the UT Radius database, launching the platform's tracking of occupancy f gures at the facility level. SiteLink and OpenTech Alliance Inc. have arranged an integration between two of their products to facilitate automated gate access. Sitelink's cloud-based facility-management software now integrates with the API (application program interface) for OpenTech's INSOMNIAC CIA (centralized intelligent access solution). SnapNsure Insurance Services LLC has partnered with technology companies GAPro System Inc. and Mercato Solutions Ltd. to develop a "next-generation" insurance platform through which self-storage tenants can buy coverage for their stored belongings. The collaboration is intended to improve the customer experience by adding speed, options and functionality to SnapNsure's platform and enable the company to offer additional lines of coverage. CallPotential released version 2.0 of its platform. The update includes omni-channel enhancements and new capabilities, including two-way texting and live chat, that allow facility managers to communicate with customers through their preferred channels without managing multiple programs, windows and logins. 8 ISS I December 2018

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