Joint Venture Aims To Develop Control Space Self-Storage Platform

Posted by Modern Storage Media on May 16, 2024 2:53:56 PM

Incus Capital, a Madrid-based real assets investment advisory firm, and Colares Capital, the owner of the self-storage company Control Space, have announced a joint venture. According to a press release, the objective is to become the leading self-storage company in Portugal through new property acquisitions and reconversions. 


As an initial investment, the joint venture acquired a set of properties located in Lisbon and Porto that were already under Control Space operation and were owned by a Portuguese fund managed by Insula Capital.


"We are very pleased with the completion of this operation at a time when alternative real estate sectors, such as self-storage, continue to grow rapidly," stated Albano Costa Lobo, co-founder of Control Space. "We want to ensure that Control Space continues to fulfill its purpose: To play an active role in mitigating the housing crisis in Portugal by providing an option for those facing challenges regarding space in their residences." 


"We are very excited about this joint venture, which fits perfectly with our strategy of capitalizing platforms with tremendous growth potential, such as Control Space," said Tiago Brandão, Managing Director of Incus Capital in Portugal. "Self-storage has a higher level of maturity in other countries, and Control Space is well positioned to lead the market in Portugal. The demographic and housing  market trends are clear that more people and businesses will need this type of solution."


"It was with great satisfaction that Insula Capital had a leading role in the first sale of a self-storage portfolio in Portugal," added Florence Ricou, CEO of Insula Capital. "We believed in the sector a few years ago, and it is reassuring to see that our assumptions and the business plan delivered the expectations of the investors." 


Founded in 2021 by Albano Costa Lobo and Vasco Fino, with Francisco Parreira do Amaral joining as a partner shortly thereafter, Control Space currently manages roughly 13,000sqm of gross area representing approximately 2,000 self-storage units spanning from 1sqm to 20sqm in size. Along with offering high-tech security, its spaces are 100% automated and sustainable. Control Space's strategy focuses on digitalization through online booking, as well as access to units via app at any time. 


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