German self-storage platform SpaceGenie has announced the inauguration of its first facility as part of plans to establish 'one of Germany's most extensive self-storage networks'.
Located in Hassloch, a municipality within the metropolitan region of Mannheim, the new 1,700m2 'drive-up' facility caters to both individual and corporate storage needs.
SpaceGenie plans to launch six additional locations during 2024 and is currently in exclusive negotiations to acquire three more sites. Additionally, the company is in advanced negotiations for the acquisition of eight sites, setting it on a growth path to become a major provider of drive-up facilities in Germany.
SpaceGenie was established in late 2022 by the alternative asset management firm, Intriva Capital, and it aims to develop and manage 50 locations by 2027.
The firm has appointed Steffen Kluners and Malte Behrens as Chief Investment Officer and Chief Financial Officer respectively.
Prior to joining SpaceGenie, Kluners was a director at the investment firm Marcol where he spearheaded the launch and expansion of a self-storage investment strategy in Germany. He started his career at Blackstone and Pimco where he worked on several complex real estate transactions in Germany.
Behrens, formerly a senior finance executive at DPD Logistics and Siemens, will take on the role of Chief Financial Officer, managing all financial and accounting operations.
Joe Hare, director at Intriva Capital, commented, 'Despite our initial confidence, the strong demand for our first facility in Hassloch has exceeded our expectations, with over 25% of the space already leased at rates above our forecasts. I am delighted to welcome Steffen and Malte, who bring deep expertise to our operations as we scale up. We are also looking to expand our team with strategic hires throughout 2024 to meet Germany's growing need for self-storage solutions.'
Steffen Kluners, Chief Investment Officer at SpaceGenie, added, 'The German Self-Storage market is severely undersupplied and benefits from supportive secular growth trends. SpaceGenie pursues a differentiated strategy by focusing on sustainable drive-up parks and we are committed to become the dominant player over the next two years in Germany.'
