Europe-based investment firms Angelo Gordon and Marcol have launched a €250 million self-storge investment platform in Germany under the Space Plus name. Headed by industry veteran Russell Jordan, the venture will target underperforming commercial and retail assets in high-visibility locations and convert them to a storage use.
Thus far, Storage Plus has purchased five properties, according to a press release. The acquisitions are predominately in the North Rhine-Westphalia area, which has a dense population. The brand has also secured four other properties that offer expansion opportunities, the release stated.
“The strategy is to build an industry-benchmark self-storage brand, in a country with low market penetration, that leverages cutting-edge technologies and hybrid staffing solutions to maximize operational efficiencies,” officials said.
Jordan, the former CEO of Self Storage Plus Germany, joined the venture about a year ago. He also previously served as a managing director for Fauvic European Business Partners Ltd, according to a source.
“Our investment in Space Plus follows the acquisition of EasyBox Self Storage in Italy in 2018 and 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,” said Marcel Hertig, director of Angelo Gordon.
“This is an optimal time to launch an innovative, new self-storage platform given the increasing demand for the product across Europe,” added Rebekah Tobias, head of busines development for 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.”
Angelo Gordon is an alternative-investment firm specializing in credit and real estate. It recently raised $1.5 billion for its AG Europe Realty Fund III. The fund targets underperforming assets with value-add growth opportunities. Its investments will span multiple property types across Europe, according to the release.
Founded 45 years ago, Marcol is a private-investment house focused on real estate and private equity. To date, it’s completed more than €5 billion in transactions. Its portfolio includes healthcare, leisure, logistics, mixed-use, office, residential and technology assets, the release stated.
Sources:
Marcol, Innovative New German Self-Storage Platform Launches
IPE Real Assets, Angelo Gordon, Marcol Launch €250m German Self-Storage Platform
