Central Pattana (CPN) has partnered with Asean's top logistics and supply chain solutions service provider JWD to expand a self-storage business while targeting business-to-business and business-to-customer models.
Through the partnership, CPN will leverage its expertise in developing retail-led mixed-use development projects in key locations in over 30 provinces across Thailand.
At the same time, JWD will use its know-how in the self-storage service business with six branches of JWD Store It! that have a total storage space of 13,000 square metres.
CPN has invested over 100 million baht in a 30% stake in JWD Store It!, creating a joint venture with JWD and Store It! Management, Singapore's leading self-storage company.
Wallaya Chirathivat, president and chief executive of CPN, said her firm is looking to cater to future trends and seeking opportunities for partnerships in various areas to elevate the quality of life.
"The investment in the self-storage joint venture is part of our strategy to expand into new industries which can support our core businesses by working with an experienced business partner," she said.
"We contribute by utilising our strengths including our strongholds in key locations, such as the CBD area in Bangkok and the centres of various provinces across the country, and our market insight regarding customer behaviour in these locations, while JWD will use its know-how in storage management for different groups of customers, including B2C customers, who account for a large portion," she said.
"The joint venture with Central Pattana will help strengthen our business and increase our ability to compete as well as boost our growth," said Charvanin Bunditkitsada, chief executive at JWD InfoLogistics Plc.
"We believe Central Pattana's expertise in different locations will be key to the growth of self-storage services of JWD Store It! and will help it reach new groups of customers, including B2C and B2B."
JWD Store It! offers private storage, safe deposit boxes for valuables, and wine banks for wine enthusiasts, restaurants and shops. The business intends to open more facilities in other high-potential locations.