A joint venture (JV) between real estate investment firms PGIM Real Estate and Pithos Capital, which was launched in December to acquire and develop self-storage facilities in France, is expanding into Spain. The companies will initially seed a portfolio of 10 assets across Catalonia, with seven more acquisitions in the pipeline in Andalusia, Catalonia and Valencia. All will be operated under the Switzerland-based Zebrabox brand, according to a press release.
The properties will be renovated in pursuit of a Building Research Establishment Environmental Assessment Methodology “very good” rating. The JV will also focus on maximizing occupancy through additional upgrades and active management, the release stated.
“Together with Pithos and Zebrabox, we are looking forward to launching this new venture in Spain to unlock the significant value within the European self-storage sector,” said Nabil Mabed, senior portfolio manager of European value-add strategy and head of France, Portugal and Spain for PGIM. “The existing assets we have secured in prime locations across Catalonia and our actionable pipeline leads throughout Southern and Eastern Spain present an attractive opportunity for institutional investors looking to achieve meaningful diversification through exposure to alternative asset classes, and the seed portfolio we have prepared perfectly complements our wider strategy in European value-add.”
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“Partnering with PGIM to expand Zebrabox into Spain builds on a proven playbook: Buy well, reposition to institutional standards, and operate with discipline,” said Alexandre Hamaide, managing director and cofounder of Pithos. “Our seed assets in Catalonia and the secured pipeline across Southern and Eastern Spain will be upgraded to Zebrabox standards with a focus on energy-efficient, low-footprint operations to elevate customer experience, accelerate occupancy, and generate compelling risk-adjusted returns for institutional investors.”
PGIM Real Estate is the investment arm of PGIM, the global asset-management business of Prudential Financial Inc., with 42 offices in 19 countries. It provides investors and borrowers access to a range of real estate equity, debt, agriculture and impact solutions. It has $213 billion in assets under management.
Based in Switzerland, Pithos operates more than €330 million in assets across Europe. It specializes in self-storage, managing 64 facilities comprising 1.5 million square feet in France, Spain, Switzerland and the U.K., valued at CHF 350 million. The company also invests in light-industrial, logistics and residential real estate.
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Founded in 2003 by Christian Schmutz, Zebrabox operates 15 self-storage locations throughout Switzerland. In 2023, it entered a franchise agreement with Barcelona-based storage provider YoGuardo to enter the Spanish market.
Source: PGIM, PGIM’s Real Estate Business and Pithos Self-Storage JV Expands Into Spain
ISS Staff
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