Investment firms Angelo Gordon and Marcol have set up a €250m German self-storage investment platform.
The companies have launched Space Plus, led by CEO Russell Jordan, to target underperforming retail and commercial assets across Germany.
Jordan, who joined Space Plus in January last year, is the former CEO of Self Storage Plus Germany and also previously worked as a managing director at Fauvic European Business Partners.
The companies said Space Plus has so far acquired five assets for conversion, repositioning or redevelopment as new state-of-the-art self-storage facilities. The facilities are predominately located in the North Rhine-Westphalia area. Space Plus has also secured a further four assets with scope for significant expansion.
Rebekah Tobias, the head of business development at Marcol, said: “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.”
Marcel Hertig, a director at Angelo Gordon said the firm’s investment in Space Plus follows the acquisition of EasyBox Self Storage in Italy in 2018 and is part of a strategic initiative to increase Angelo Gordon’s 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”.
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