Tristan Capital Partners’ TIPS One debt fund has provided c.€58 million of senior debt financing to 1Box for the refinancing of a portfolio of a self-storage assets across the Netherlands.
The portfolio comprises 18 self-storage assets with 67,000 sqm of lettable area, geographically spread across the Netherlands, assembled through the acquisition of single assets and smaller portfolios and through the conversion of properties from other use classes.
The funding has been provided to refinance and consolidate the existing borrowings of the group and to fund capital expenditure associated with new conversions and recent acquisitions1Box aims to stabilise the newly opened and sites under development, as well as increase profitability through the use of technology and ongoing operational efficiencies.
Dan Pottorff, Head of Debt Investment at Tristan Capital Partners, said: “Self-storage is an asset class we are keen to increase exposure to within the TIPS One lending program in light of its attractive fundamentals and cyclically defensive characteristics. The rapid growth of the 1Box platform since its inception in 2019, the high-quality nature of the conversions undertaken by the group and the value creation story to date is one that we are pleased to be supporting through this financing. Since its inception, with the closure of this loan, the TIPS One fund has completed eight loans across the UK and Europe and deployed close to €400m in whole loan lending.”
The 1Box Group is a self-storage platform backed by Volta Global, a US-based global investment group with a mission to build a leading cross-border pan-European self-storage business.