i-Store lands THB 60M in Thailand's first self-storage REIT deal
What's the deal? i-Store Self StorageDealroom has a profile for this one. Try Dealroom →, which operates 13 facilities in Bangkok, has become the first self-storage operator in Thailand to receive investment from a local real estate investment trust (REIT). KPN Real Estate Investment TrustDealroom has a profile for this one. Try Dealroom → (KPNREIT) provided THB 60 million (≈$1.8 million) for a 25-year leasehold interest in i-Store's Sukhumvit 71 facility, one of its flagship locations.
Why now? The Sukhumvit 71 property has maintained occupancy above 80% since opening, a track record that shaped KPNREIT's decision. "Such investments require rigorous due diligence covering location potential, recurring revenue capability, occupancy performance and cash-flow stability," said Pakdee Aniwat, chief executive officer of Storage Asia Public Co. Ltd., which operates the i-Store portfolio.
What's the endgame? Bangkok-based i-Store, which opened its first facility in 2017, plans to add seven more locations to serve individual consumers, small and medium-sized enterprises, and e-commerce businesses. Beyond traditional storage, its sites also offer wine and valet storage.
Who's backing it? KPNREITDealroom has a profile for this one. Try Dealroom → is a closed-end, independent diversified REIT listed on the Stock Exchange of Thailand. It is seeking opportunities in industrial buildings, warehouses, and emerging sectors such as self-storage.
Why it matters: "Self-storage has become an increasingly attractive asset class in many countries, driven by urbanization, smaller residential spaces, and rising demand for storage from e-commerce operators and small businesses," said Roongyos Janthapasa, chief executive officer of Blue Whale Asset Co. Ltd., the REIT manager of KPNREITDealroom has a profile for this one. Try Dealroom →. The investment provides "exposure to a high-performing asset with a strong customer base," he added.
The signal: The deal is the first time a Thai REIT has backed a self-storage asset, moving the sector into the country's institutional capital markets. Self-storage REITs are already a mature, distinct category globally, so Thailand's first local participation aligns domestic practice with international norms and could open the door to further REIT-backed development.
Image credit: Generated with Gemini
Read more: Inside Self Storage
