Fairway advised Pithos Capital in setting up a joint venture with PGIM Real Estate 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.
Alexandre Hamaide, managing director and co-founder of Pithos Capital, comments: “Self-storage has historically outperformed other real estate asset classes even in the toughest of times, and the French market is very under-supplied versus comparable markets like the UK, presenting a compelling investment opportunity. Our investment proposition for Zebrabox is to build an institutional-grade French self-storage portfolio through a programmatic aggregation of assets in targeted geographical locations.”