PGIM Real Estate and Pithos Capital have formed a joint venture to acquire and reposition self-storage assets in France, targeting significant growth opportunities in a constrained market.
Target Information
PGIM Real Estate and Pithos Capital have initiated a joint venture in France focused on acquiring and repositioning self-storage assets. The investment is part of PGIM Real Estate's European value-add strategy, with GPIM being a leading global real estate investment firm managing $212 billion in assets, making it the third-largest firm in the sector.
This venture aims to assemble a portfolio of self-storage facilities throughout France. Strategies include developing new properties and repositioning existing ones, particularly through converting obsolete light industrial and retail spaces, in addition to greenfield projects. Operating under the established Swiss self-storage brand Zebrabox, the joint venture has already secured six assets and is pursuing a strong pipeline of future acquisitions.
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Industry Overview in France
The French self-storage market is experiencing robust growth due to rising urbanization and increased demand for flexible storage solutions. Supply remains limited, which enhances the attractiveness of self-
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PGIM Real Estate
invested in
Pithos Capital
in 2024
in a Joint Venture deal
Disclosed details
Transaction Size: $600M