TOKYO--(BUSINESS WIRE)--In September 2013, Evergreen Real Estate Partners LLC (“Evergreen”) acquired Japan’s largest self storage company, Quraz, including 100% of the shares in the operating company and trust beneficiary interests for all self storage properties. Evergreen’s objectives include growing the network of Quraz locations and increasing awareness of self storage in Japan. In connection with the acquisition, Evergreen secured JPY20 billion non-recourse, long-term debt financing from Prudential Mortgage Asset Holdings 1 Japan Investment Business Limited Partnership, which is a part of the Prudential Financial Inc. Group– believed to be the first such financing in the self storage sector in Japan.
Quraz, headquartered in Tokyo, is Japan’s largest self storage owner/operator with nearly 29,000 self storage units across 48 locations in 10 cities from Sapporo to Fukuoka, including 35 stores in Greater Tokyo1. Quraz has ranked #1 among Japanese self storage operators by the Oricon Consumer Survey for the past four consecutive years in the categories of brand recognition, customer satisfaction and value. Quraz has 185 employees serving its residential and commercial customers. The existing senior management team, led by Steve Spohn, has remained in-place in connection with Evergreen’s acquisition.
Quraz stores are distinguished by three qualities:
- Presence – Well-located, well-signed, purpose-fit buildings in dense residential areas that command a presence in their neighborhoods.
- Convenience – Onsite staff enable same-day visit and sign-up, facilities accessible 24-hours per day with free parking for easy loading.
- Comfort – All Quraz stores have clean and bright interiors with multiple layers of security and centrally monitored climate control.
For more details visit: www.quraz.com/company/pr/english/20130925.aspx
Evergreen is a US$3.0 billion global real estate investment partnership affiliated with M3 Capital Partners, a real estate investment and advisory firm with offices in Chicago, New York, London, Hong Kong and Sao Paulo. Evergreen has strategic investments in 11 specialized real estate companies operating on four continents and nine countries in multiple property sectors. Evergreen is also a leading institutional investor in the global self storage market. In addition to Quraz, Evergreen has significant self storage investments in the United States (The Lock Up Self Storage) and Europe (Pelican Self Storage).
Morrison & Foerster represented Evergreen in this transaction.
１Largest self storage company as measured by number of indoor rental storage units in Japan. Yano Research Institute Ltd. June 2013.