PineBridge Benson Elliot, a U.K.-based real estate fund manager, has acquired a controlling interest in Necesito un trastero SL, which operates 81 self-storage locations across Spain. The company’s portfolio comprises more than 20,000 square meters of space, according to a press release.

Founded in 2015, Necesito specializes in converting vacant warehouse and retail space to self-storage. Under PineBridge leadership, the operator will “continue its strategy to consolidate and increase storage density in the Spanish self-storage market,” the release stated.

“With an experienced management team, proprietary technology and a nationwide footprint, we believe Necesito un trastero is well-positioned to enjoy accelerated growth and scaling of the business as demand drivers continue to propel this resilient sector,” said James Jakeman, senior partner at PineBridge. “These strengths, alongside continuing growth in investor interest in self-storage, will support the business moving forward.”

Founded in 1999, PineBridge Benson Elliot specializes in real estate investments across Europe and has $3.1 billion in assets under management. The company was acquired in January 2021 by PineBridge Investments, a private, global asset manager with $141.1 billion in assets under management.

Sources:
IPE Real Assets, PineBridge Benson Elliot Takes Stake in Spanish Self-Storage Operator
PineBridge Benson Elliot, PineBridge Benson Elliot Acquires Controlling Stake in Spain’s Second Largest Self Storage Operator Necesito un trastero