MARCOL teams up with private equity partner for €250m self-storage joint venture
24 February 2021
MARCOL has formed a joint venture with Angelo Gordon to build a €250m self-storage portfolio in Germany.
Space Plus was set up with self-storage veteran Russell Jordan around a year ago and has since built up an initial seed portfolio of five assets totalling around 35,000 sqm that it has converted, repositioned or redeveloped as “state-of-the-art self-storage facilities adopting the most advanced technology in the sector”.
MARCOL targeted the German market due to its low market penetration and it will look to leverage “cutting-edge technologies and hybrid staffing solutions to maximise operational efficiencies”. It has secured a pipeline of a further four assets as it aims to build the leading operator in the country.
With Angelo Gordon coming into the partnership the business will now look to target underperforming retail and commercial assets in high visibility locations that will benefit from redevelopment.
The Space Plus venture is the second in the European self-storage market for Angelo Gordon in recent years, the firm having formed a joint venture with BCN Capital in 2018 to acquire EasyBox Self Storage in Italy from the Fahey family and Caledonia Investments.
Jordan has been a senior self-storage executive for 25 years, including having been the 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, said: “This is an optimal time to launch 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.”
Marcel Hertig, director at Angelo Gordon, added: “Our investment in Space Plus follows the acquisition of EasyBox Self Storage in Italy in 2018 and is part of a strategic initiative to increase our position to take advantage of the rapidly expanding self-storage market in Europe and to build a platform with significant value and economies of scale.”
For any media enquiries please contact: firstname.lastname@example.org