Heitman LLC acquires majority stake in Swedish self-storage operator Servistore

STOCKHOLM: Heitman LLC, a global real estate investment management firm, announced today the acquisition of a majority stake in Servistore, the third largest self-storage operator in Sweden.

The transaction was made on behalf of Heitman’s European value strategy, furthering the firm’s investment in the growing global demand for self-storage.

Servistore operates 31 sites, with 25 currently operational and six due to open, across 14 cities in Sweden. The business encompasses over 4,000 units, spanning a total of 330,000 square feet of storage space.

Heitman has been investing in self-storage globally since 1996 and currently manages more than 600 self-storage assets, representing $7.8 billion. The acquisition of Servistore follows Heitman’s previous self-storage platform acquisitions across Europe, including in Ireland in 2022, Germany in 2021, and the UK in 2020.

“Heitman has a history of investing in self-storage assets globally for nearly three decades. The relationships and expertise cultivated over that time drives our ability to identify and acquire off-market opportunities in Europe, which we believe is a core differentiator for Heitman,” said Tony Smedley, Managing Director and Head of European Private Equity at Heitman. “That dynamic is evident in this transaction, where the team was able to source the investment off-market.”

A key differentiator of the Servistore business is its focus on technology to operate stores on an unmanned basis. Heitman plans to leverage this to scale in the Swedish market and enhance the business further by installing revenue management software and strengthening ancillary service offerings like insurance sales.

“We are delighted to bring our experience of operating €2.7 billion self-storage across Europe to the Servistore platform and to partner with its CEO, Ivan Elgstrand, whose technology-led approach to self-storage has created an innovative business,” said Caleb Mercer, Managing Director for Heitman’s European real estate investments and Portfolio Manager for the Heitman European value-add fund series. “The Swedish self-storage sector has among the best fundamentals in Europe, combining strong population growth with high urbanization rates and mobility of households. We look forward to establishing Servistore as a market leader under our ownership.”

Heitman continues to position itself at the forefront of the self-storage industry, aiming to capitalize on market trends and drive further growth through strategic acquisitions.