CBRE & FEDESSA: 2024年欧洲自助仓储行业报告（英文原版+译版）（46页）.pdf_三个皮匠报告

European Self StorageIndustry Report 2024 REPORT Contents Executive Summary and MethodologyIndustry SupplyInvestment MarketIndustry Awareness and Understanding01020304 ExecutiveSummary and01 ExecutiveSummary As with most industries, the past 12 months has presented challengesto the self storage industry. Financial pressures for customers have ledto a decrease in enquiries. This, combined with increasing business anddevelopment costs, has caused profits to soften, whereas in previousyears they were increasing strongly. Many markets saw a drop inoccupancy, with the European average down just over one percentage The results in this year's report are more typical of the pre-COVIDresults, indicating that the pandemic boost for self storagehas subsided, and typical seasonal trading has returned. Despite Operators are optimistic that conditions will improve as inflationeases and the major European elections are completed. Thereremains a strong pipeline for new stores, particularly in theNorthwestern European countries. There is also an increase in smallmicro stores spreading out from Austria and Germany. These storesnot only bring self storage closer to where customers live, but alsoincrease industry exposure to the general public. The industry would Investor appetite remains strong. We have seen year-on-yearincreases in capital deployed since 2020 and a wide range ofinvestor types seeking exposure to the self storage segment.Some significant sales this year, such as Lok’nStore in the UK, There has been increased investment in existing stores inresponse to technological changes and sustainabilityimprovements. Traditionally, there has been little capitalimprovement required on a self storage store. However, withnew technology such as electronic locks, advanced monitoredsecurity systems and access control, some operators are IndustrySupply02 Market supply Europe’s self storage market has 9,575 stores inoperation, totalling 16.5 million sq m in gross area. The leading four markets account for 68% ofEurope’s total number of stores. The top fourcountries in terms of market share remainsunchanged from previous years. The UK continues to Investment03 Investment overview on full year 2023 transaction volumes. A major contributionto transaction volumes YTD has been the ongoing strategicM&A from the listed REITs who have actively targeteddominant private and listed operators as they continue toexecute on their long-term expansion plans. Most That said, there are multiple examples where pricing has been achievedahead of this level, reflecting a corporate platform premium where theacquisition results in major cost synergies or where the incumbentmanagement team are viewed as institutionally investible. But there areother reasons too, including the continued expected growth in rental Relative to 2023, 2024 (YTD) has seen a strong uptickin self storage deal making, supported by an improvingglobal macroeconomic environment, a strengtheningnarrative on ECB rate unwinding, and a continued re- As a consequence, we have continued to see improvedliquidity across debt markets and a widened buyer poollooking to redeploy into equity strategies in the selfstorage sector (relative to debt). Whilst the majority ofcapital looking to deploy continues to target value-addreturn hurdles, we now also see growing interest fromcore+ capital seeking access via longer term, evergreen Major deals that have closed comprised Shurgard's strategicacquisitions of Pickens, Prime Storage and Top Box inGermany, and the public to public acquisition of Lok'nStorein the UK. Other notable deals include Ardian's entrance intothe French market via the acquisition of CoStockage and In addition, the strengthening macro environment hasmeant that whilst we have seen a more differentiatedtrading environment for self storage operators, therehas been a re-alignment of vendor / purchaserexpectations with transactions closing in an Hines also entered the self storage market with theacquisition of Kent Space in the UK to be operated byStorage King. There remains a dearth of evidence involvinghigh quality, purpose built, mature stores in major European Investment outlook We expect to see multiple interest rate cuts priced in before year end and into Q12025 in an effort to stimulate GDP growth via consumer and business spending. This will continue to invigorate an otherwise flatter operational tradingenvironment and reverse pressure on construction costs, which has factored intosenior investor decision-making when contemplating M&A. We expect to see acontinued targeting of the sector from a broader capital pool, but with anincreasing desire to create core and core+ evergreen investment vehicles, either The ongoing war in Ukraine and political shifts in a significant proportion of theglobal population in 2024/25 will inevitably influence the investor landscape. Thiswill likely impact the target profile, type of investor, return profile, and overall