Heitman Acquires Majority Stake in Swedish Self-Storage Operator
Summary
This transaction, made on behalf of Heitman’s European value strategy, allows the firm to continue investing in the rising global demand for self-storage. “That dynamic is evident in this transaction, where the team was able to source the investment off-market.” A key differentiator of the Servistore business is the focus on technology to operate stores on an unmanned basis. Heitman intends to leverage this to scale in the Swedish market, and enhance the business further by boosting operating procedures, such as installing revenue management software and strengthening ancillary service offerings like insurance sales. “We are delighted to bring our experience of operating €2.7 bn self-storage across Europe to the Servistore platform and to partner with its CEO, Ivan Elgstrand, whose technology-led approach to self-storage has created an innovative business,” said Caleb Mercer, Managing Director for Heitman’s European real estate investments and Portfolio Manager for the Heitman European value-add fund series. “The Swedish self-storage sector has among the best fundamentals in Europe, combining strong population growth with high urbanisation rates and mobility of households.