With the acquisition of a property in the Dutch city of Den Bosch during mid-June, IMMOFINANZ Group has further expanded its self-storage portfolio. This facility will now be integrated into IMMOFINANZ Group's successful City Box chain, bringing the total number of City Box properties to 24.
"Our regular travels through our markets always include the evaluation of interesting acquisition targets. With the takeover of an existing self-storage property in Den Bosch, we have acquired an asset that can be optimally integrated into our established City Box chain in the Netherlands and will lead to a further increase in value.
"One of the decisive factors for us was the opportunity to close the transaction at once and to immediately start work on the realization of available synergies," commented Manfred Wiltschnigg, member of the Executive Board of IMMOFINANZ Group.
IMMOFINANZ Group has held a successful position on the Dutch market for five years with City Box: it acquired a 90% stake in this Dutch self-storage company in 2007 and increased this holding to 95% during the 2009/10 financial year.
The acquisition of this self-storage property in Den Bosch will expand the company's portfolio to include an attractive location approx. 90 km south of Amsterdam that offers both private and business customers approx. 5,000 m² of storage space in 700 units.
Wiltschnigg added: "We see a growing demand for safe and affordable temporary storage space, not only by private households but also by self-employed persons and smaller firms. And the City Box concept provides a flexible solution exactly for their needs."
With a current total of 24 facilities near major cities, City Box is one of the leading self-storage companies in the Netherlands.
Source: IMMOFINANZ Group