Lagerbox, which operates 35 self-storage facilities in Germany, has received a €100M loan from Blackstone Real Estate Debt Strategies (BREDS). The capital will fund portfolio expansion through acquisitions and development, according to sources.
Lagerbox is undergoing rapid growth to meet rising demand for self-storage services in Germany. The company recently unveiled plans to expand its facility in Krefeld by 280 new units, with a planned completion date of July. It also recently opened a three-story building comprising 53,819 square feet in 930 units in Braunschweig and a six-story facility in Erfurt. Another self-storage project is underway in Dusseldorf and expected to open in fall, sources reported.
Founded in 1997 by Peter N. Blauw under the brand Bernheims Mini-Warehouse before rebranding as Lagerbox in 2001, the company was the first self-storage provider in Germany. It operates facilities in 24 cities across the country.
Related:Self-Storage Industry Mourns Passing of Denee Burns, Chief of Staff for Bluebird/Sunbird Self Storage
BREDS is a non-bank provider of commercial real estate loans in Europe. Its last fund, BREDS V, closed in March after raising nearly $8 billion.
Sources:CoStar, Blackstone Agrees €100 Million Financing For German Self-Storage GroupLagerbox, Lagerbox NewsReal Estate Capital Europe, BREDS Lends €100 million to German Self-Storage Pioneer Lagerbox
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