PGIM’s real estate business has partnered with Pithos, one of the largest asset manager of self-storage properties in Europe, 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. Assets will be repositioned consistently to Zebrabox standards, targeting BREEAM Very Good as a baseline and focusing on maximising occupancy through high-quality refurbishment and active asset management.
PGIM and Pithos first partnered to acquire self-storage assets under the Zebrabox brand in France in 2024, developing buildings from the buyout and repositioning of existing assets, in addition to the conversion of obsolete light industrial and retail assets. Recent acquisitions include the self-storage facilities in the greater area of Lyon and Toulouse.
As with its partnership in France, PGIM and Pithos aim to bridge a gap in the provision of institutional-grade self-storage, where both markets are characterised by persistent under-supply, demonstrating strong demand and significant growth potential.
PGIM’s investment is made on behalf of its European value-add strategy, which has been active over the last 18 months primarily on acquisitions across logistics and living in Europe’s major cities, as well as healthcare in the UK and hospitality in Southern Europe.
Pithos brings over 20 years’ of experience in the sector and extensive knowledge of local market dynamics.
Nabil Mabed, senior portfolio manager of European Value-Add strategy and Head of France, Spain and Portugal for PGIM’s real estate business, said: “Together with Pithos and Zebrabox, we are looking forward to launching this new venture in Spain to unlock the significant value within the European self-storage sector. The existing assets we have secured in prime locations across Catalonia and our actionable pipeline leads throughout southern and eastern Spain present an attractive opportunity for institutional investors looking to achieve meaningful diversification through exposure to alternative asset classes, and the seed portfolio we have prepared perfectly complements our wider strategy in European value-add.”
Alexandre Hamaide, managing director and co-founder of Pithos, said: “ Partnering with PGIM to expand Zebrabox into Spain builds on a proven playbook: buy well, reposition to institutional standards, and operate with discipline. Our seed assets in Catalonia and the secured pipeline across southern and eastern Spain will be upgraded to Zebrabox standards—with a focus on energy-efficient, low-footprint operations—to elevate customer experience, accelerate occupancy, and generate compelling risk-adjusted returns for institutional investors.