The real estate arm of BC Partners has made a €40m equity commitment to Cabe, an urban self-storage firm owned by Spanish real estate company Renta Corporación.
BC Partners Real Estate, through its debut European fund, has become a shareholder in Cabe and will help the company expand its portfolio from 20 to 80 freehold centres in key cities across Spain over the next three years.
Created in 2022, Cabe currently owns and operates locations in cities such as Barcelona, Madrid, Palma de Mallorca, and Zaragoza.
Laurian Douin, real estate partner at BC Partners, said: ”We are delighted to announce the second investment in Spain by our inaugural European real estate fund.”
BC Partners Real Estate’s first investment in Spain was in partnership with Freo Group to acquire the Spanish headquarters of pharmaceutical company Novartis in a sale and leaseback deal.
Douin said: “In Renta Corporación we have found the ideal partner to further expand our portfolio and enter the highly compelling and rapidly growing Spanish self-storage market, a sector where we see huge potential and have built strong convictions.
“This collaboration aims to leverage our mutual strengths for platform growth and market entry, and we look forward to partnering with the Renta and Cabe teams to fuel our shared vision of the tremendous potential for a fully integrated owner-operator model in the urban self-storage sector in Spain.”
David Vila, CEO of Renta Corporación, said: “The alliance with BC Partners Real Estate provides a strategic boost for Cabe, strengthening our expansion capacity in the Spanish urban storage market, which offers substantial growth opportunities.
“By combining our expertise with BC Partners’ global reach, we consolidate an innovative and flexible business model to meet the rising demand for urban self-storage in Spain.”
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