Intriva Capital launches SpaceGenie – plans to create one the largest self-storage platforms in Germany
London, 8 August 2022 — Intriva Capital, the independent alternative asset manager, today announces the launch of its German drive-up self-storage company, SpaceGenie. The new company plans to build and operate more than 50 self-storage facilities across Germany, representing one of the largest platforms of its kind in the country. Intriva Capital also announces the appointment of Juergen Hobrecker and Boris Gold as Head of Business Development and Managing Director – Operations of SpaceGenie respectively.
SpaceGenie has already acquired, via funds managed by Intriva Capital, its first sites. By the end of 2022, the new company targets to have acquired a minimum of ten sites located across the Rhine-Main Neckar area in Germany. With building work starting soon, SpaceGenie’s drive-up self-storage platform will total more than 250,000 lettable square metres by the time of stabilisation. The platform will span the main urban centers and metropolitan hubs across Germany.
Self-storage capacity in Germany significantly trails the UK, despite similar tailwinds driving demand. According to the German Self-Storage Association, there were only 297 self-storage facilities in the country vs 1,997 in the UK in 2021. This translates into just 3.5 storage facilities per million population versus the 29 per million population in the UK.
Drive-up self-storage units can be accessed by customers directly from their cars. They are easier to build and operate than core self-storage facilities. Intriva forecasts that demand for drive-up from small and medium businesses as well as private consumers will increase at a faster rate than core self-storage.
Simon Finn, Managing Partner at Intriva Capital, said: “The growth of e-commerce and flexible working during the pandemic, combined with new housing developments prioritising living space at the expense of storage and people moving more often, has accelerated the demand for self-storage in Europe’s largest economy. As the first institutional-quality drive-up self-storage platform in Germany, SpaceGenie will be uniquely positioned to meet the growing demand for storage from small and medium businesses as well as private consumers.”
Juergen Hobrecker from Intriva Capital will become Head of Business Development and assume key responsibilities including corporate, product and real estate development and management. Boris Gold, joins SpaceGenie as Head of Operations from PRIME SelfStorage GmbH, German-wide owner and operator of core self-storage locations, where he was Area Manager for nearly seven years. Prior to this, Boris held Business Development roles at various leading European office furniture producers. Multiple land sourcing professionals have also been hired. At SpaceGenie, Boris will be responsible for commercial operations and customer-oriented product development.