Private equity investment company Marcol and alternative investment firm Angelo Gordon have formed a new joint venture, named Space Plus, to invest in the European self storage market.
Space Plus is headed by European self storage veteran Russell Jordan.
“This is an optimal time to launch an innovative, new self storage platform given the increasing demand for the product across Europe. Having assembled a highly experienced team, combined with a truly disruptive business model and the robust growth forecast for the sector, Space Plus is poised to become a predominant player in one of Europe’s most undersupplied markets,” said Rebekah Tobias, Head of Busines Development, Marcol.
Space Plus plans to invest €250 million in off-market opportunities across Germany. The company targets underperforming retail and commercial assets in high visibility locations that will benefit from redevelopment to unleash latent value.
The strategy is to build an industry benchmark self storage brand, in a country with low market penetration, that leverages cutting-edge technologies and hybrid staffing solutions to maximise operational efficiencies.
To date the company has acquired five assets for conversion, repositioning or redevelopment as new state-of-the-art self storage facilities adopting the most advanced technology in the sector. The facilities are predominately located in the North Rhine-Westphalia area, the most densely populated region in Germany.
”The business has secured a further four assets with scope for significant expansion to become a leading self storage operator in Germany,” said in the statement.
Marcel Hertig, Director, Angelo Gordon, said: “Our investment in Space Plus follows the acquisition of EasyBox Self Storage in Italy in 2018 and is part of a strategic initiative to increase our position to take advantage of the rapidly expanding self storage market in Europe and to build a platform with significant value and economies of scale.”