Europi Property Group and Cobalt Box, which had been in discussions about a strategic partnership since the beginning of the year, have announced that Europi has acquired 51 percent of Cobalt Box. At the same time, both parties are committing significant capital for platform expansion.
The European self-storage market is experiencing robust growth driven by urbanization, rising housing costs, and housing shortages, as well as SMEs seeking flexible, cost-efficient storage solutions. The market has more than doubled over the past five years and is expected to grow by at least 5 percent CAGR over the next five years. It is characterized by significant supply shortage, upward rental pressure, and increased institutional investment focus.
The Belgian self-storage market remains highly fragmented, creating a landscape with ample opportunity for growth and consolidation. Cobalt Box, which was founded in 2017 and owns and operates eight strategically located self-storage assets across Belgium’s major urban clusters, has a strong expansion pipeline, targeting to more than double the portfolio in the near-term through strategic M&A and select add-on acquisitions.
Europi Property Group's partnership with Cobalt Box aims to continue strengthening the platform’s position as one of the market leaders in Belgium with potential to further expand internationally across Europe.
Cobalt Box’s value creation strategy is centered around delivering state-of-the-art self-storage products through 24/7 smart access and surveillance, modular and scalable unit formats and seamless online customer experience including technology enabled booking, payment and support processing across all facilities. The assets are adapted for both individual customers and enterprise clients.
Jonathan Willén, CEO of Europi Property Group, said, “We’re thrilled to enter the self-storage space and partner with Cobalt Box, led by an experienced management team who have built a best-in-class operator. The existing platform is well positioned to take advantage of a market poised for consolidation, while driving operational outperformance through strategic technology deployment. We believe Europe will continue to catch up to the US in terms of sectoral growth, and we like the resilient tenant demand and strong cash flow profiles of self-storage assets.”
Christophe Friling, CEO of Cobalt Box, said, “Partnering with Europi and its dynamic team is a key step in developing and strengthening our self-storage platform in Belgium. This strategic partnership gives Cobalt Box a strong foundation to accelerate growth and deepen our presence in the market, enabling us to combine Europi’s expertise with our own to roll out new, state-of-the-art facilities across the country’s largest urban clusters.”
About Europi
Europi Property Group is a pan-European real estate investment company with offices in London and Stockholm, investing discretionary capital across all segments with a flexible investment strategy. Europi has since inception completed public and private transactions of more than €700m in gross asset value alongside its established network of local operating partners and completed four successful exits. By combining a truly entrepreneurial, active ownership approach with focus on social and environmental sustainability, Europi generates long term value and positive impact for all stakeholders. https://europi.se/
About Cobalt Box
Cobalt Box is a Belgium-based self-storage investment and operating company with a portfolio of seven operational facilities and an eighth in development. It focuses on delivering secure, accessible, and well-managed storage solutions for personal and commercial needs. Through active asset management and data-driven decision-making, Cobalt Box aims to build a scalable, modern storage platform while creating sustainable value for investors, customers, and communities. https://www.cobaltbox.be/en