- February 1, 2022: Vol. 16, Number 2

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Box stacking: Building portfolios in the fragmented European self-storage sector is hard work. Is it worth the trouble?

by Marek Handzel

In December last year, Heitman announced the acquisition of All Seasons, a self-storage platform based in northwestern Germany. The manager’s entry into the German market followed a steady pattern of self-storage provider purchases in the UK over a 12-month period from October 2020.

“Our investment [...] is timed with the potential benefits we anticipate from the expected institutionalisation of the sector,” said Sébastian Cavé, managing director of Heitman Germany at the time. “We believe there is long-term potential in the business.”

At almost the same time as Heitman’s acquisition, Nuveen Real Estate acquired 92.4 percent of 24Storage, the second-largest Swedish self-storage operator and a publicly listed REIT on the NASDAQ First North Growth Market, for some €205 million. The deal added to Nuveen’s previous acquisition of a majority interest in the Green Storage self-storage platform in Sweden.

Before that, in October, Aviva Investors exten

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