Global real estate investment manager Nuveen Real Estate has acquired a majority interest in the Green Storage self-storage platform in Sweden, with the seller, Green Group, retaining a minority interest.
Financial details were not disclosed.
Green Storage was formed in 2017 by Green Group. The acquisition comprises an initial portfolio of 14 assets, six of which are under development, in the Greater Stockholm market.
Nuveen will continue to work with the management team, led by Stefan Nilsson, to build on Green Storage’s tech and sustainability-focused strategy and accelerate the platforms expansion plan both in Sweden and across Europe.
Jasper Gilbey, Head of the TIAA General Accounts real estate portfolio in Europe, said: 'Nuveen is focused on expanding into the real estate alternative sectors – with self-storage considered one of the winning sub-sectors in Europe given low levels of supply, proven resilience during times of volatility and scope to drive efficiencies by creating a digitalised platform of scale.
'We believe that Green Storage represents an excellent entry into the competitive European storage market given the quality of the portfolio that has been created to-date, strong track-record of the management team and the unique tech-focused strategy.'
The Green Storage facilities are new-build and designed with ESG goals in mind; as evidenced by LED lighting, charging stations and a focus on using renewable energy throughout the facilities. The buildings are situated in premium locations in the Greater Stockholm area.
Added Niklas Borg, CEO of Green Group: 'We are tremendously proud of the journey that has seen Green Storage swiftly establish itself at the technological and sustainable forefront of its industry in Sweden.
'The platform that we have created widely exceeds the standard KPI´s for the self-storage industry and from our perspective it feels natural to join forces with Nuveen to bring this successful business out to the rest of Europe.
'It is our firm belief that a new majority owner, bringing with them extensive experience in the field and additional capital backing, is the right step to take the Green Storage platform to more cities in Sweden as well as the European market.'
Schjodt, KPMG, WSP and Cushman Wakefield represented Nuveen and Mannheimer Swartling and Access Partners represented Green Group.
