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KBH GROUP SALE
KBH Group sells self storage portfolio, plans East Coast expansion
On 4 May KBH Group, a Western Australia based developer and operator of self storage facilities and marinas, sold its self storage portfolio to DBI Storage. The sale settled on 15 April 2021.
As part of the deal, valued at more than $84 million, KBH signed a fiveyear management agreement with DBI Storage for the five self storage facilities. These include KeepSafe Storage Balcatta, KeepSafe Storage O’Connor, KeepSafe Storage Wangara, KeepSafe Storage Welshpool, and Welshpool Self Storage.
KBH retains the rights to branding, intellectual property, proprietary systems, and their people. KBH Group is a one-stop-shop for self storage owners. Consistent with its mission to ‘Develop, Manage and Grow’, KBH Group plans to deploy additional KeepSafe Storage facilities across Australia – either KBH owned, or managed by KBH on behalf of 3rd party owners.
In addition to self storage facilities, KBH Group owns and operates Pier 21 Marina in North Fremantle. KBH Group operates under an
Australian Financial Services Licence, and remains 100% Western Australia owned and operated. The business offers consistently strong returns to shareholders and investors, with over 40% per annum IRR delivered by its property funds over the past four years.
KeepSafe Storage has twice won the Facility of the Year award at the annual Self Storage Association of Australasia Awards Night, as well as Small Operator of the Year across Australia and New Zealand.
“We’re extremely proud of what we have been able to achieve in a relatively short period,” said Shaun Bain, Managing Director of KBH Group. “We have developed greenfield sites, acquired and improved existing sites and undertaken management of 3rd party sites. In each of those facilities, we were able to deliver an industry leading experience to our customers, and exceptional returns to our shareholders and investors, in what has been a difficult trading environment (pre-COVID-19).”
The combined deal total of $84+ million includes the purchase price and management fee income for five years. l
