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BlackRock makes inroads into self storage, buys $400m-plus local biz

While the market’s attention was locked on ASX-listed Abacus Storage King’s $1.93 billion takeover offer, BlackRock – the world’s largest asset manager – was quietly cutting a deal elsewhere in the booming sector.

Street Talk understands BlackRock is poised to acquire StoreLocal, a privately owned player that’s built a $400 million-plus portfolio across Australia. It was placed on the auction block in January, with boutique firm Highbury hired to find a capital partner to help bankroll its growth strategy.

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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com

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Original URL: https://www.afr.com/street-talk/blackrock-makes-inroads-into-self-storage-eyes-fast-growing-local-biz-20250415-p5lrvf