KSS Information Memorandum 2021

The Naughties The growth programme continued, and two properties were opened in Adelaide in 2000-2001. Wine Storage was developed and introduced to numerous locations. There are now 16 wine storage locations. Up to 2003, the company added another 2 new self storage centres. In 2004, Kennards Self Storage teamed up with Valad Property Group to successfully acquire 24 self storage properties operating under the Millers Self Storage brand. Valad was a Real Estate Investment Trust (R.E.I.T.) previously listed on the Australian Stock Exchange, with investments in office, industrial, bulky goods retail as well as self storage. The partnership was 50:50 in the acquisition of the Millers sites. Kennards retained independent ownership of its existing properties and managed the business for the joint venture. The 2004 acquisition grew the Kennards group to 56 locations in total. The Millers properties were re-branded to Kennards in 2005. In 2007, the Kennards and Valad Partnership acquired 8 locations in New Zealand. The properties are located in Auckland and other North Island provincial areas. By 2008, the Kennards brand had 69 locations open with 3 additional locations under construction or planning. It had in excess of 400 000 square metres of space available and employed over 200 people. In June 2008, Kennards acquired Valad’s interest in the partnership that commenced in 2004. The acquisition involved 38 properties. This was a significant step for Kennards which remains privately owned. The final separation with Valad was completed in 2010. The Tweenies At the beginning of the decade the company was operating 69 centres, with 48,631 storage units and 429,282 square metres available. Since 2010, the company has continued its expansion with growth of existing centres and addition of several new locations. The period began with the $27 million purchase of the Moore Park centre in 2011. The following year, sadly, the entrepreneurial founder of the company, Neville Kennard, passed away on June 3rd, 2012. Nev’s sons, Sam, Walter and Jim now own the business and proudly perpetuate the organisations great Brand and legacy in private family ownership. Life begins at 40! 2013 is a significant year as Kennards Self Storage celebrated 40 years of operations since its inception in 1973. Six new locations were also opened in 2013, including the $17 million acquisition of a four centre portfolio in South-East Queensland. Kennards had grown to 79 locations and 510,000 square metres of space at year-end. A very different business to the small experimental endeavour started by Neville 40 years earlier in Moorebank. In 2015, after more than 15 years’ operating Team Headquarters at the Sydney suburb of Homebush, the company relocated THQ to its new flagship location in Macquarie Park, in Sydney’s north. With space to grow, the relocation places KSS alongside many multi-national corporate headquarters. It was an opportunity to reset and reposition the company for the future with significant enhancements in systems and technology made in the transition. Steady progress of acquisition and development continued throughout all KSS markets, adding new centres and expanding existing centres every year. By 2019, the company has grown to 91 operating locations, with over 66,000 storage spaces and in excess of 610,000 square metres of rentable space.

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