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Carlyle/Safestore Holdings JV to acquire Dutch self-storage operator

Carlyle Group LP and U.K.-based Safestore Holdings PLC formed a joint venture to acquire M3 Self Storage, an operator of six prime storage locations in Amsterdam and Haarlem in the Netherlands.

Safestore said it will contribute roughly €5 million for a 20% equity stake and provide management services.

M3 is constructing its sixth store, after which the company will have a total of 25,700 square meters of maximum lettable area with an occupancy rate of 68%.

Completion of the acquisition is expected to occur by the end of August.

Separately, Safestore acquired Salus Services Ltd. from Rockpool Investments LLP for £6.5 million. Salus owns an 86%-leased 34,000 square-foot freehold store near Heathrow Airport, west of London. Safestore will immediately take over the operation and rename the Ready Steady Store-branded and operated asset.