Urban self-storage platform acquiring and converting distressed retail into high-yielding self-storage facilities
Platform Roll-Out
Overview
In joint venture with Box Infiniti, a leading Spanish self-storage operator with over 10 years' experience acquiring, developing and operating storage facilities across Spain.
The strategy focus on acquiring centrally located, distressed retail assets in high-density residential areas at approximately 20% of replacement cost, converting them into modern self-storage facilities at limited capex, and stabilising them to achieve double-digit yields on cost.
Platform
Year
2025
Asset type
Self-storage
Location
Spain
Investment Highlights
- The business plan is underpinned by favourable demographic and structural trends including urban densification, smaller living spaces, increasing residential rents and population mobility
- Low entry levels: acquiring centrally located ground-floor retail at c.20% of replacement cost and converting to self-storage at limited capex, creating significant downside protection from day one
- Efficient, scalable business model: Box Infiniti's integrated platform covers the entire lifecycle: sourcing, acquisition, development and operation, with a standardised refurbishment process, automated assets and a lean operating model designed for economies of scale
- Best-in-class operating partner: Box Infiniti is a top-tier self-storage operator in Spain with proven track record of acquiring off-market, developing and operating urban self-storage, achieving high occupancy levels
- Fragmented market with room for growth: around 60% of Spanish self-storage stock is owned by single-owner operators, providing a clear opportunity to build institutional-quality scale in a market with limited competition
Achievements
ESG
Portfolio
