H.I.G. Capital, a global alternative-investment firm, and its real estate arm H.I.G. Realty, have entered the self-storage industry in Italy by purchasing four facilities in Milan and one in Rome. The initiative builds on the company’s existing portfolio in Germany and United Kingdom, according to a press release.
Operating under the brand Boxengo Self Storage, the first two facilities will be renovated and open in Milan by year-end, with the remaining three opening next year. Boxengo will be led by CEO William Binella, who has more than 25 years of experience in the self-storage sector.
“The successful completion of the first five acquisitions represents an important milestone for H.I.G. Realty's strategy in self-storage, which we see as an operationally intensive and undersupplied sector. We look forward to growing Boxengo into a leader in the sector,” said Riccardo Dallolio, managing director and head of H.I.G. Realty in London.
Related:Creative Connections: A Self-Storage Investor’s Unique Approach to Acquisitions
“With Boxengo, our ambition is to create a next-generation, operationally innovative self-storage platform built on high-quality assets,” said Alessio Lucentini, managing director and head of asset management in Europe for H.I.G. Realty. “By leveraging H.I.G. Realty's extensive track record in value-add and operational real estate, we aim to position Boxengo as a benchmark for excellence and growth in this dynamic sector.”
Based in Miami and founded in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. Its current portfolio includes more than 100 companies with combined sales in excess of $53 billion.
Source: PR Newswire, H.I.G. Capital Establishes Self-Storage Platform in Italy
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