PGIM Real Estate and European asset manager Pithos Capital are expanding their self-storage investment venture into Spain.
The Zebrabox self-storage partnership is launching in Spain with an initial portfolio of 10 assets in Catalonia, and has secured a pipeline of seven further acquisitions across Catalonia, Andalusia and Valencia.
The partnership, which engages in property development activities, encompassing acquisitions, conversions and greenfield projects, was created late last year with initial assets in France. Recent acquisitions include the self-storage facilities in the greater area of Lyon and Toulouse.
PGIM Real Estate is making the investment through its European value-add strategy.
Nabil Mabed, senior portfolio manager of European value-add strategy and head of France, Spain and Portugal for PGIM’s real estate business, said: “Together with Pithos and Zebrabox, we are looking forward to launching this new venture in Spain to unlock the significant value within the European self-storage sector.
“The existing assets we have secured in prime locations across Catalonia and our actionable pipeline leads throughout southern and eastern Spain present an attractive opportunity for institutional investors looking to achieve meaningful diversification through exposure to alternative asset classes, and the seed portfolio we have prepared perfectly complements our wider strategy in European value-add.”
Alexandre Hamaide, managing director and co-founder of Pithos, said: “Partnering with PGIM to expand Zebrabox into Spain builds on a proven playbook: buy well, reposition to institutional standards, and operate with discipline.
“Our seed assets in Catalonia and the secured pipeline across southern and eastern Spain will be upgraded to Zebrabox standards—with a focus on energy-efficient, low-footprint operations—to elevate customer experience, accelerate occupancy, and generate compelling risk-adjusted returns for institutional investors.”
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