US alternative investor Angelo Gordon has joined forces with UK private investor Marcol to launch a new self storage platform targeting €250 mln of off-market opportunities across Germany.
The company, named Space Plus, will be headed by European self storage veteran Russell Jordan, who has been in the business for the past 25 years, more recently as CEO of Self Storage Plus Germany.
The two partners said that they aim to build ‘an industry benchmark self storage brand’ that leverages cutting-edge technologies and hybrid staffing solutions to maximise operational efficiencies. In a country with low self storage penetration, Space Plus will be targeting underperforming retail and commercial assets in high visibility locations that are suited for redevelopment opportunities.
To date the company has 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, 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.
‘This is an optimal time to launch an innovative, new self storage platform given the increasing demand for the product across Europe,’ commented Rebekah Tobias, head of busines development at Marcol. ‘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, director at Angelo Gordon said: ‘Our investment in Space Plus 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.’
Angelo Gordon has already invested in the self storage market with the acquisition of EasyBox Self Storage in Italy in 2018.
