Space Plus 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 6,500m² 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 6,500m² 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 €250m in Germany by 2023.
Russell Jordan, Managing Director of Space Plus, commented: "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.
