Nuveen Real Estate has acquired 24Storage, the second largest self-storage operator in Sweden, as it expands its European self-storage platform.
Nuveen has acquired 92.4 percent of 24Storage via unconditional share purchase agreements and the subsequent launch on Nov. 29, 2021, of a mandatory public tender offer to acquire the remaining shares (and votes) to ultimately take 100 percent control of 24Storage. The acquisition has an enterprise value of approximately SEK 2.1 billion (€205 million/$230 million).
24Storage owns 26 assets and a further four assets under development. The assets are centered around Sweden’s three major cities of Stockholm, Gothenburg and Malmö, and comprise approximately 12,000 individual units.
This transaction follows the recent acquisition of Green Storage platform in November, which comprised 14 existing assets.
The acquisition of both 24Storage and Green Storage is part of Nuveen’s ambitions of actively expanding its a
