Self-storage provider Space Plus accelerates growth strategy and takes over competitor
Space Plus, a provider of self-storage services, has acquired competitor Rentabox24 as part of its ongoing expansion plans. The acquisition adds two more self-storage facilities to the company's growing portfolio: a five-storey purpose built 6.500 sqm self-storage facility in Oberhausen, located next to Westfield Centro (Germany’s largest shopping centre), which has been in operation for three years, and another five-level 6.500 sqm self-storage facility under development in Bochum, due to open in 2022. Space Plus is now represented in 13 German cities.
Space Plus was established in February 2021 by private investment group MARCOL and the alternative investment firm Angelo Gordon, as a joint venture for the German self-storage market. Led by Russell Jordan, a veteran of the European industry, the company plans to invest up to EUR 250 million in Germany by 2023.
Russell Jordan, Managing Director of Space Plus, explains: "The take-over has enabled us to expand not just by a process of organic growth but, for the first time, acquiring an existing business.”
Following the acquisition, Space Plus now operates facilities in Hagen, Krefeld, Braunschweig and Oberhausen. Development projects are currently in progress in Bochum, Bremen, Dortmund, Essen, Gelsenkirchen, Lüdenscheid, Nuremberg, Osnabruck and Stuttgart with another three pipeline locations due to be added by the end of 2021.
In order to manage the growth of Space Plus, the team around Russell Jordan has been further strengthened. Philipp Fahrig joined the team as Chief Operating Officer. He has a long track record in senior retail management throughout Germany for many leading international fashion brands. His experience within operational and strategic development and expansion of owner operated retail stores adds strength to the ambitious store roll-out programme of Space Plus throughout Germany.
Alex Stefan Gavriliu and Johann Klein are also new to the team. As Development Managers, they are responsible for the acquisition and development of locations throughout Germany. Alex Stefan joined the company from Corestate and prior to that he was employed at Principal Real Estate as a Fund Manager and previously worked for ECE Projektmanagement for approximately 9 years. Johann has more than 30 years’ experience in finance and real estate. Before starting at Space Plus, he was responsible for the expansion of global restaurant chains and self-storage providers. In addition, Koen Verboven and Rainer Langenberg have joined to head the construction team, both having significant experience in new building and renovation projects across Germany including construction management roles at Shurgard Europe.