PGIM Real Estate and Pithos Capital have launched a joint venture in France to acquire and reposition self-storage assets. PGIM Real Estate made the investment on behalf of its European value-add strategy. PGIM Real Estate is the $212 billion real estate investment firm of PGIM and the third-largest real estate firm globally.
In 2024, PGIM Real Estate’s European value-add strategy has secured over €600 million of acquisitions, primarily across logistics and living in Europe’s major cities, as well as healthcare in the UK and hospitality in Southern Europe.
The joint venture aims to build a portfolio of self-storage assets across France. The venture will develop buildings from the buyout and the repositioning of existing assets; conversions of obsolete light industrial and retail assets; as well as greenfield developments. The venture will operate under the leading Swiss-based self-storage brand, Zebrabox. To date, this joint venture has secured six assets and has a strong pipeline of identified acquisitions. The French self-storage market is growing and supply-constrained, and presents a compelling opportunity to capture market momentum. As a leading self-storage investor and operator, Pithos Capital brings over 20 years of experience in the sector and expertise across private equity and real estate.
Source: press release received on 12.12.2024