In September 2013, the US-based 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 43 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 the Prudential Financial Inc. Group – believed to be the first such financing in the self storage sector in Japan

The refinance was well receipted in the market, and the price of the REIT increased by 42% on the day after the announcement.

Samurai Capital supported Evergreen to execute and close the transaction. Samurai Capital act as an asset manager and work together with the property manager, Quraz, to monitor the portfolio

The portfolio consists of 43 self storage buildings located all over Japan, including Greater Tokyo, Osaka, Nagoya, Hiroshima, Kyushu, Sapporo and Niigata

Quraz is the largest self storage operator in Japan with nearly 29,000 units, approx. 20% market share

Quraz focuses on high-end self storages. All buildings are well-located and high-quality in facilities with good security system