Safestore Enters Italy with €175m Easybox JV Acquisition
Deal News | Jan 15, 2025 | Travers Smith
Travers Smith has advised Safestore Holdings plc, a leading European self-storage company, in a significant joint venture acquisition with global asset manager Nuveen. The JV involves acquiring Easybox, Italy's second largest self-storage operator, for €175 million. This acquisition marks Safestore's entry into the Italian market, which has the lowest supply of self-storage space per capita in Western Europe. The deal encompasses ten existing stores and two turn-key developments, expanding Safestore's footprint across Italy's major economic regions. The transaction highlights opportunities for growth within the Italian self-storage sector due to its nascent stage. Travers Smith's team was led by Senior Partner Andrew Gillen, with support from various specialists within the firm.
Sectors
- Self-Storage
- Legal Services
- Asset Management
Geography
- Italy – The acquisition focuses on expanding self-storage facilities across Italy, showcasing market entry strategies in one of Europe's largest economies.
- Western Europe – The context of Italy's position in Western Europe's self-storage market provides insight into broader regional trends.
Industry
- Self-Storage – The transaction involves the expansion of self-storage facilities in Italy, highlighting opportunities for growth in this sector.
- Legal Services – Travers Smith provided legal advisement for the acquisition, showcasing the importance of legal expertise in M&A transactions.
- Asset Management – Nuveen, a global asset manager, is involved in the joint venture, emphasizing the role of asset management firms in strategic investments.
Financials
- €175 million – The value of the joint venture acquisition for Easybox.
- 780k sq. ft. – Total maximum lettable area of the acquired properties.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Safestore Holdings plc | Acquirer/Target Company | Company | One of Europe's largest owners and operators of self-storage facilities, now expanding into Italy. |
| Nuveen | Joint Venture Partner | Company | A leading global asset manager partnering with Safestore in the acquisition. |
| Easybox | Target Company | Company | Italy's second largest self-storage operator being acquired in the joint venture. |
| Travers Smith | Legal Advisor | Company | Provided legal advisement for the joint venture acquisition. |
| Andrew Gillen | Senior Partner | Person | Led the Travers Smith team advising on the joint venture. |