StoreLocal to Buy KeepSafe Perth Assets for $101M

StoreLocal, a mini-shed self-storage platform controlled by BlackRock, agreed to acquire a set of five Perth, Australia properties operated under the KeepSafe brand from entities controlled by Blackstone. The deal price is stated as over A$150 million (about $101 million).

The acquired facilities add to StoreLocal’s existing footprint in Western Australia. StoreLocal said the acquisition supports a plan to build a nationwide business of institutional-quality self-storage assets, emphasizing diversified tenants, low capex, and high operating margins.