Space Plus, a provider of self-storage facilities, has acquired a property at Dianastrasse 90, in Nuremberg, as part of its active investment strategy. The vendor is a private owner and both parties have agreed not to disclose the purchase price.
The two-storey property is a former furniture store dating from the late 1970s, providing 11,000 square metres of gross floor space. Space Plus plans to convert the property to a self-storage facility, with flexible office, co-working and studio space, by the end of 2022. It aims to invest around EUR 4 million in the project.
Russell Jordan, managing director of Space Plus, comments, “We are very pleased to have acquired our first property in Bavaria. We were particularly attracted to the property in Nuremberg, Bavaria’s second-largest city, by its excellent location on the south-western bypass leading directly to the A8 motorway and its very good visibility – exactly what we are looking for.”
Space Plus was founded as a joint venture for the German self-storage market by private investment group MARCOL and alternative investment firm Angelo Gordon in February 2021. Led by Russell Jordan, a veteran of the European industry, the company plans to invest up to EUR 250 million in Germany by 2023.
In addition to its latest acquisition, Space Plus now operates facilities in Hagen, Krefeld and Oberhausen. Development projects are currently in progress in Bochum, Bremen, Braunschweig, Dortmund, Essen, Gelsenkirchen, Lüdenscheid, Nuremberg, Osnabruck and Stuttgart.
