Safestore Holdings PLC and Nuveen Real Estate have established an evenly split joint venture to acquire 100% of Easybox. This strategic partnership marks the formal entry for both entities into the Italian self-storage sector, which is currently identified as one of the most under-penetrated markets in Western Europe. The transaction includes ten income-producing facilities with strong trading track records and two specialized turn-key development projects located in Milan, which are scheduled for delivery in the first half of 2025. Safestore’s initial equity contribution was funded via a dedicated loan facility, with the management anticipating the investment to be earnings-accretive by 2027 as the development sites reach operational maturity. The joint venture intends to institutionalize the Easybox platform by integrating it into Safestore’s broader European network, focusing on leveraging data-driven pricing and management expertise to achieve a projected 10% stabilized return. This move significantly diversifies Safestore’s geographic footprint, adding Italy to its existing operations in the UK, France, Spain, and the Benelux region.

Founded in 1998, Easybox is the second-largest self-storage operator in Italy by number of stores. The company provides flexible storage solutions for both individual and business customers, operating a high-quality portfolio of modern facilities fitted to high technical specifications. Its business model addresses the significant supply-demand gap in the Italian market, which is currently one of the most under-penetrated in Europe with only 0.02 sq ft of storage space per capita. At the time of acquisition, the portfolio consisted of 10 operational stores and two turn-key developments totaling 780,000 square feet (72,000 sqm) of maximum lettable area (MLA). The assets are strategically concentrated in Italy's primary economic hubs, including a dominant presence in Milan, alongside facilities in Rome, Turin, Genoa, and Florence.