MARCOL established a new German self-storage business, Space Plus, in early 2020 and officially launched to the market in February 2021 after forming a joint venture with US private equity firm, Angelo Gordon, to scale the platform. The company plans to invest up to EUR 250 million in Germany by 2023.
MARCOL targeted the German market due to low market penetration and attractive growth fundamentals. The strategy is focused on underperforming retail and commercial assets in high visibility locations that would benefit from conversion, repositioning or redevelopment to become state-of-the-art self-storage facilities. By leveraging cutting-edge technologies and hybrid staffing solutions operational efficiencies will be maximised.
Currently present in 14 cities and in exclusivity for two further assets which are expected to be acquired in early 2022, Space Plus aims to build the leading operator in the country.
Space Plus is led by Russell Jordan, a veteran of the European self-storage industry. Jordan has 25 years’ experience as a senior self-storage executive, including being chief executive and founder of the Europa Capital-backed Dutch platform City Box Self Storage from 1998 to 2010.
Rebekah Tobias, Head of Business Development at MARCOL says: “It is an optimal time for an innovative, new self-storage platform given the increasing demand for the product across Europe. 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.”
For more information please visit spaceplus.de