PGIM’s real estate business has partnered with Pithos to build out a portfolio of self-storage assets in Spain.
The joint venture, which will operate under the Swiss-based self-storage brand Zebrabox, will initially seed a portfolio of 10 assets across Catalonia, with a further seven acquisitions in its secured pipeline in Catalonia, Andalusia and Valencia. Assets will be repositioned consistently to Zebrabox standards, targeting BREEAM Very Good as a baseline and focusing on maximizing occupancy through high-quality refurbishment and active asset management.
PGIM and Pithos first partnered to acquire self-storage assets under the Zebrabox brand in France in 2024, developing buildings from the buyout and repositioning of existing assets, in addition to the conversion of obsolete light industrial and retail assets. Recent acquisitions include the self-storage facilities in the greater area of Lyon and Toulouse.
As with its partnership in France, PGIM and Pithos
