Angelo Gordon forms European self-storage JV

MARCOL, a private investment group, and alternative investment firm Angelo Gordon have announced a new joint venture in the German self-storage market with the launch of Space Plus, headed by European self-storage veteran Russell Jordan.

With a plan to invest €250 million ($303 million) in off-market opportunities across Germany, Space Plus targets underperforming retail and commercial assets in high-visibility locations that will benefit from redevelopment to unleash latent value. The strategy is to build an industry benchmark self-storage brand, in a country with low market penetration, that leverages cutting-edge technologies and hybrid staffing solutions to maximize operational efficiencies.

To date, the company has acquired five assets for conversion, repositioning or redevelopment as new state-of-the-art self-storage facilities adopting the most advanced technology in the sector. The facilities are predominately located in the North Rhine-Westphalia area, the m