Hypo Real Estate provides EUR 125m financing to Bluespace

Hypo Real Estate Bank International AG, a member of the German Hypo Real Estate Group, has provided EUR 125 mln financing to Blue Self Storage (Bluespace) to refinance its existing portfolio of 13 existing self-storage properties in Barcelona, Madrid and Valencia, and to help finance the growth of the company with the acquisition and refurbishment of new facilities during the next 12 months.

Bluespace was founded in 2002 and describes itself as a leading provider of self storage in Spain with facilities throughout the country. Alexander Ruckensteiner, ceo of Bluespace, commented: 'The Bluespace strategy is to acquire and develop six to eight new self-storage facilities per year with the objective of having 45 self storage centres operating in Spain within five years time. In addition to the backing of our main shareholder Pramerica, the financing provided by Hypo Real Estate Bank International, will help us achieve our aim'.