Colares Capital, Incus Capital Form Joint Venture to Expand Control Space Self-Storage in Portugal

Colares Capital, which owns the Control Space self-storage brand in Portugal, and Incus Capital, an investment-advisory firm, formed a joint venture to expand the operator’s presence in the country through acquisitions and conversion-development projects. To begin, the companies purchased a set of properties that were already under Colares’ management. The seller was a Portuguese fund managed by Insula Capital, a privately owned management company. The facilities are in Lisbon and Porto, according to a press release. 

“We’re very pleased with the completion of this operation at a time when alternative real estate sectors, such as self-storage, continue to grow rapidly,” said Albano Costa Lobo, cofounder of Colares. “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’re 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. “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.” 

Founded in 2021 by Costa Lobo and Vasco Fino, with Francisco Parreira do Amaral later joining as a partner, Colares operates four self-storage facilities in Portugal comprising 139,930 square feet in nearly 2,000 units. 

Founded in 2012, Incus focuses on providing capital solutions to mid-market companies in Europe. It’s based in Madrid, Portugal, with offices in Lisbon, Portugal; Milan, Italy; and Paris.