Kennards Self Storage has now fully acquired Valads interest in their Self Storage Joint Venture. Kennards teamed with Valad in 2004 to acquire Millers Self Storage, which owned 24 storage centres in a deal worth $220 million. The Millers Group was owned by Security Capital European Realty. Security Capital was a diverse investment group with interests in self storage, car parks, hotels and industrial buildings. Their assets spanned U.S.A., Europe and Australia.
In 2010, the Kennards-Valad Joint Venture had grown to 36 self storage properties. The storage centres were managed by Kennards.
The purchase from Valad was originally consummated in June 2008, and provided almost 3 years for Kennards to finalise the acquisition.
Kennards now proudly own 100% of this high quality, well located portfolio of self storage centres. The future for KSS will again involve strong pursuit of growth through acquisition of existing storage centres, or new development. The Company will continue to re-invest in this endeavour.
Kennards remains a private family owned and operated business.
The Kennards Group now has 68 self storage centres with 6 more properties in the development pipeline.
In other developments, Kennards acquired a strategic gateway self storage property in the Sydney suburb of Moore Park for $27.5 million, from Mariner Funds Management, in October.
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