Bird & Bird advises Pithos on strategic partnership with PGIM Real Estate to expand self-storage portfolio in Spain
Contacts
Bird & Bird advised Pithos on its partnership with PGIM Real Estate, the world's third largest real estate investment firm, 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, focusing on maximising occupancy through high-quality refurbishment and active asset management.
This Spanish expansion follows PGIM and Pithos' first collaboration established in 2024 to acquire self-storage assets under the Zebrabox brand in France.
As with France, PGIM and Pithos aim to bridge the existing gap in institutional-grade self-storage supply, where both markets are characterised by persistently under-supply, strong demand and significant growth potential.
On this transaction, Bird & Bird's Madrid team advised led by partner José de Santiago Forn, together with partner Montserrat Turrado (Tax) and associates Jorge Gómez López (Corporate/M&A), Ángela de la Iglesia García (Corporate/M&A), María De Pineda Alabart (Corporate/M&A) and Virginia Santos Navarro (Tax).
This Spanish expansion follows PGIM and Pithos' first collaboration established in 2024 to acquire self-storage assets under the Zebrabox brand in France.
As with France, PGIM and Pithos aim to bridge the existing gap in institutional-grade self-storage supply, where both markets are characterised by persistently under-supply, strong demand and significant growth potential.
On this transaction, Bird & Bird's Madrid team advised led by partner José de Santiago Forn, together with partner Montserrat Turrado (Tax) and associates Jorge Gómez López (Corporate/M&A), Ángela de la Iglesia García (Corporate/M&A), María De Pineda Alabart (Corporate/M&A) and Virginia Santos Navarro (Tax).