Mitiska REIM, an established investor in European convenience real estate, announced the expansion of its next-generation storage portfolio through a strategic joint venture partnership with HeyLager, a Germany-based specialist in drive-up storage.
As part of the joint venture, Mitiska REIM has invested in HeyLager, with the plan, on behalf of the MEREP 3 fund, to substantially expand the rollout of the innovative HeyLager platform across Germany in the coming years.
HeyLager develops and operates hybrid drive-up self-storage facilities which offer customers a combination of drive-up storage units and garages with a net leasable area (NLA) of 21-56 sqm, walk-in indoor units ranging from 3-14 sqm, and SME units up to 125 sqm which provide drive-up storage-office combinations.
Axel Despriet, co-founder and Managing Partner of Mitiska REIM, comments: “The HeyLager team are highly experienced in drive-up storage, and offers a best-in-class next-generation platform which is entirely digitalised and facilities which are fully automated. We have a strong pipeline of potential new sites and look forward to working together to roll out the HeyLager concept across Germany.”
Joachim Rabe, CEO of HeyLager, says: “We are delighted to partner with Mitiska REIM, who bring a wealth of experience, a strong operating and investment platform and an extensive track record in convenience real estate, which fits perfectly with our joint plans for HeyLager.”
Franz Wilkowski, CIO of Heylager, says: “Our strategy centres on the rapid realisation of assets. Through modular timber construction, we follow a ‘plug-and-play’ approach that allows for industrial-scale expansion and a sustainable footprint, ensuring we bring new sites online faster than ever.”
In addition to this latest joint venture, Mitiska REIM has been working in partnership with Belgium-based self-storage operator Storo over the past three years to roll out Storo’s next-generation concept across the Belgian market. Storo focuses mainly on indoor self-storage in urban locations, which have smaller average unit sizes compared to drive-up storage, and is pursuing both ground-up developments and conversions of existing buildings. This joint venture will see 8 Storo sites operational by the end of this year, with a further pipeline of secured assets.
Bart Rabaey, Mitiska REIM’s Chief Investment Strategy Officer, adds: “The European storage market holds immense untapped potential and offers a huge opportunity for growth. We at Mitiska REIM are looking to expand our next-generation storage portfolio across other European markets, and are actively investigating opportunities and local partners in France, Spain, Portugal, the Netherlands and Poland.”
