SINGAPORE, April 23, 2024 /PRNewswire/ — StorHub Group ("StorHub" or "the Company") today announced that Raju Ruparelia has joined as the CEO of the Company, succeeding Mike Hagbeck, the Group’s Co-founder and CEO over the past five years. Mr. Hagbeck will become the non-executive Chairman of the Company and remain a Board Director to help guide the long-term strategy and continued market expansion, leveraging his 25+ years of experience in Asia’s self-storage industry.
Raju brings over two decades of invaluable experience as well as a proven track record of driving business growth and transformation. Previously, Raju served as Senior Managing Director and Head of APAC Private Capital at Ontario Teachers’ Pension Plan Board (OTPP), where he oversaw the firm’s direct private equity investing activities across the region, including its real estate related investments into DTZ, Cushman & Wakefield and Princeton Digital Group.
Launched in 2019, the StorHub Group has expanded rapidly across key gateway cities in Asia Pacific. Through a buy-and-build strategy, the Company has acquired and developed more than 470 stores, covering a GFA of 6.8 million square feet and encompassing over 70,000 storage units. Today, it is APAC’s largest multi-country self-storage platform with nearly 50,000 customers across 17 cities in Australia, Greater China, Japan, Malaysia, Singapore, South Korea and Thailand and boasts a fully integrated platform with capabilities to source, convert/acquire, and operate.
Li Fan, Managing Director of Warburg Pincus, said, "StorHub has quickly emerged as the leading self-storage platform in Asia Pacific, and it is a real credit to Mike and the entire StorHub team. We would like to thank Mike for his strong partnership and contribution to the Company’s first phase of growth. We have built a very strong foundation and look forward to working closely with him as Chairman to support Raju and the team on the Company’s next phase of accelerated growth. We are excited to welcome Raju to spearhead the continued business expansion and take the Company to new heights."
Raju Ruparelia, StorHub CEO, said, "I am excited to lead StorHub as the Company enters its next phase of growth. It’s truly impressive that StorHub has emerged to become the prominent player in the self-storage industry in Asia Pacific over the past five years. Driven by multiple favorable tailwinds, I firmly believe that the self-storage industry in Asia Pacific is at an inflection point. With a deep and talented leadership team and the unwavering support of its investors, StorHub is uniquely positioned to capitalize on what is expected to be a multi-decade opportunity for self-storage in the region. I’m delighted to be part of this exciting journey and look forward to working with the exceptional teams across the region to accelerate the growth of the business and bring significant value to our customers and partners."
Mike Hagbeck, StorHub Non-Executive Chairman, said, "It has been an amazing journey of growth and partnership over the past five years with the Company. Drawing on Warburg Pincus’ extensive experience in scaling regional platforms, StorHub has achieved outsized growth in size and scale across the region and built a high-caliber leadership team with significant industry experience and deep local market insights. After 25+ years at the frontline of the industry, I am pleased to pass the reins over to Raju and look forward to supporting him and the management team in continuing to grow strongly in Storhub’s next phase of development."
About StorHub Group
StorHub Group is a leading self-storage platform in Asia with operations across key gateway cities in the Asia Pacific region. Founded in Singapore in 2019, StorHub Group currently owns and manages facilities spanning over 655,000 sqm of GFA and encompassing 70,000 storage units across key markets in Australia, Japan, Malaysia, Singapore, South Korea, and Greater China. StorHub offers individuals and businesses a range of reliable and secure storage solutions to resolve storage challenges at home or work.