Klövern, a Sweden-based real estate developer that operates seven Big Pink Self Storage facilities, has acquired a 50 percent share of fellow self-storage operator Servistore for SEK 18.5 million. Servistore owns nine facilities in the country, with a 10th slated to open in Visby, Sweden, in March. Its total portfolio includes 65,616 square feet across six cities, according to a press release.

Klövern already owns 22,965 square feet of storage in Gothenburg, Karlstad, Malmö, Norrköping, Stockholm and Västerås, Sweden, which it will rebrand under the Servistore name. It also plans to open a new facility in Nyköping, Sweden, in March.

“Servistore is an innovative operator in the self-storage industry [that] offers a digital customer experience, targeting both private individuals and companies. It is gratifying that we have found a partner to develop the self-storage product together,” said Klövern CEO Rutger Arnhult.

“We are happy to have Klövern on board as part owners of Servistore and are convinced that this will provide even more expansion opportunities for new facilities,” added Ivan Elgstrand, CEO of Servistore. “In 2016, we launched what we consider to be the next generation of self-storage, which we have continued to develop. The starting point is simplicity. As a customer, you should have the opportunity to book, pay and access storage whenever it suits you.”

Klövern’s portfolio of commercial real estate has an estimated value of SEK 56.6 billion and a rental value of SEK 3.8 billion. Klövern is listed on Nasdaq Stockholm AB.

Founded in 2006, Servistore is a privately held company that’s part of the Black Pond Group, based in Linköping, Sweden. It operates facilities in Jönköping, Linköping, Örebro, Stockholm, Västerås and Visby.

Source:
Globe Newswire, Klövern Acquires Half of the Self Storage Company Servistore