Mitiska REIM and self-storage operator Storo are expanding their platform into Portugal through a new partnership with a local management team, with plans to develop 15 facilities across the country's key markets.
The launch is being supported by the MEREP 3 Fund, with an initial development strategy calling for 10 Storo sites in the Lisbon area and five additional facilities targeting Porto and the Algarve.
Storo operates a technology-focused self-storage model built around digital booking and onboarding, app-based keyless unit access and automated customer service. The platform serves both consumer and business customers.
The company currently operates seven self-storage facilities in Belgium, representing approximately 21,000 square meters of net lettable area. Storo also plans to at least double its number of Belgian locations over the next three years.
Local Team Leads Portugal Expansion
For the Portuguese rollout, Storo is partnering with a local management team led by Pedro Rodrigues, along with Tiago Maré Dias and Ana Fragata. The team includes former senior executives of a Portuguese self-storage operator and brings local market expertise, operational experience and an existing development pipeline to the venture.
The first Portuguese location in the Lisbon area has been secured and is undergoing final due diligence. Two additional sites are under negotiation, while the partners continue to evaluate other opportunities for the platform.
Mitiska REIM said Portugal presents an opportunity for self-storage growth because of increasing demand for storage space and relatively limited supply compared with other European markets.
“We look forward to working with our highly experienced local partners to roll out the Storo platform across Portugal. We see huge untapped potential in the Portuguese market, which combines growing demand for storage space with one of the most undersupplied markets in Europe,” said Bart Rabaey, Mitiska REIM’s Chief Investment Strategy Officer.
Pedro Rodrigues, Managing Director of Storo Portugal, said the combination of Storo's technology platform and the local team's market knowledge is intended to position the company for growth in Portugal.
“Combining the Storo platform with the expertise of our local team gives us a market-leading proposition to capitalize on the significant opportunity we see in the Portuguese market,” Rodrigues said.
Jorinne De bruyn, Managing Director of Storo, said the Portuguese launch represents a step in the company's broader European expansion strategy.
“Our ambition has been to expand Storo internationally across Europe, and this launch in Portugal marks a significant milestone,” De bruyn said.