BlackRock's StoreLocal buys KeepSafe Storage portfolio for $150m
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The news: Self-storage platform StoreLocal, which completed a majority interest sale to funds managed by BlackRock’s Real Estate business in May 2025, has acquired a KeepSafe Storage portfolio in Perth for more than $150 million.
The numbers: StoreLocal is Australasia’s fourth-largest self-storage operator, owning and managing more than 45 self-storage assets across Australia.
Funds managed by BlackRock Real Estate have committed over $1 billion of secured capital to StoreLocal to drive the company’s growth through acquisitions and developments. It is also aiming to expand StoreLocal's third-party management platform and brand, targeting a $2 billion self-storage platform in Australia.
The context: StoreLocal said that in the eight months since the BlackRock transaction, its platform value has approximately doubled. This has been achieved through the acquisition and development of assets in major markets, organic growth and acceleration of the third-party management platform, it said.
What they said: "We are continuing our long-term strategy of building out a nationwide platform of institutional quality assets, which offers outstanding risk-adjusted returns through a highly diversified tenant base, low capex, and high operating margins," said StoreLocal co-founder and CEO Hans Pearson.
"With the continued support of the BlackRock team we have been able to accelerate our strategy and goals. Importantly, we have demonstrated our transactional capability and capital depth to the market with this most recent portfolio acquisition at a time of industry consolidation and institutionalisation.
"By adding to our existing multi-store Perth portfolio we are now the largest operator in the West and we are well-positioned to service this fast-growing demographic."
The source: StoreLocal media release
