Nuveen and Safestore Form Joint Venture to Acquire Easybox for €175 Million
Deal News | Jan 28, 2025 | Legal Community Italy
Nuveen Real Estate, an investment manager in the real estate sector, has partnered with UK-based Safestore in a 50:50 joint venture to acquire Easybox for €175 million from TPG Angelo Gordon. Easybox is Italy's second-largest self-storage operator, with a portfolio that includes 10 operational sites and two turnkey properties across major Italian cities such as Milan, Turin, Rome, Genoa, and Florence. The acquisition significantly enhances the joint venture's footprint in the European self-storage market. Legal advisory was provided by DLA Piper, which organized a multidisciplinary team to cover various facets of the transaction, ranging from real estate and construction to finance and antitrust concerns. Nuveen and Safestore also engaged EY for financial, technical, and environmental due diligence services. Advant Nctm and Pirola Pennuto Zei & Associati assisted the selling party, TPG Angelo Gordon, in M&A, real estate, regulatory, and tax matters. Société Générale acted as the mandated lead arranger with A&O Shearman providing legal support around real estate finance.
Sectors
- Real Estate Investment
- Self-Storage
- Legal Services
- Financial Services
Geography
- Italy – The primary location of Easybox's operations and the focus of the acquisition strategy.
- United Kingdom – The location of Safestore, the British self-storage company partnering with Nuveen.
Industry
- Real Estate Investment – Nuveen Real Estate's involvement in the acquisition is a prime example of real estate investment activity focused on expanding into the self-storage market.
- Self-Storage – The acquisition of Easybox, a prominent player in the self-storage sector in Italy.
- Legal Services – Multiple legal firms were involved in facilitating and structuring the transaction, including advisory on real estate, finance, and regulatory issues.
- Financial Services – Société Générale's role as the mandated lead arranger and EY's due diligence highlight the financial services industry’s involvement.
Financials
- €175 million – The total acquisition cost of Easybox by the joint venture.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Nuveen Real Estate | Acquirer | Company | A real estate investment manager involved in the acquisition of Easybox. |
| Safestore | Acquirer | Company | A UK-based self-storage operator that has partnered with Nuveen in the acquisition. |
| Easybox | Target Company | Company | The second-largest self-storage operator in Italy, acquired in the joint venture. |
| TPG Angelo Gordon | Selling Company | Company | The global investment firm and previous owner of Easybox. |
| DLA Piper | Legal Advisor | Company | Legal firm advising Nuveen and Safestore on the acquisition. |
| EY (Ernst & Young) | Due Diligence Advisor | Company | Provided financial, technical, environmental, and energy due diligence services. |
| Advant Nctm | Legal Advisor | Company | Provided legal advisory services to TPG Angelo Gordon. |
| Pirola Pennuto Zei & Associati | Tax Advisor | Company | Advised TPG Angelo Gordon on tax matters related to the transaction. |
| Société Générale | Lead Arranger | Company | Acted as a mandated lead arranger for the financing of the acquisition. |