Redefine Properties/Griffin Capital Joint Venture Acquires Top Box Self Storage in Poland

A joint venture (JV) between South Africa-based real estate investment trust (REIT) Redefine Properties and Poland-based private-equity firm Griffin Capital Partners has acquired the Top Box Self Storage portfolio in Poland. The purchase includes 4,500 square meters of rentable space and 4,500 square meters of self-storage currently under development. The assets will be branded as Stokado Self Storage, in which the JV acquired a majority stake in April.

Poland-based Stokado operates 16 self-storage facilities in the country. “The acquisition of Top Box marks the next stage in our development,” Stokado CEO Klaudiusz Bechcicki said in a released statement. “We aim to strengthen our presence in major Polish cities and to develop a further 150,000 square meters. With the support of Redefine Properties and Griffin Capital Partners, our growth can be accelerated even further.”

Though still an emerging self-storage market, Poland “offers plenty of upside potential,” according to Redefine CEO Andrew Konig. “Stokado’s newest acquisition of Top Box will ensure that the Polish property venture is well-poised to capitalize on strong demand for institutional-grade storage space in attractive areas like Warsaw.”

“We are very pleased with the transaction announced today, as it marks the company’s entrance into the Warsaw market and aligns perfectly with Stokado’s strategy of consistently strengthening its market position in major Polish cities,” said Marek Obuchowicz, partner at Griffin.

Last month, Shurgard Self Storage Ltd., the European affiliate of U.S.-REIT Public Storage Inc., purchased the Top Box portfolio in Germany, which included five existing facilities and two development projects.

Griffin is an investment and asset manager that specializes in commercial, office and residential sectors. It acts as co-owner and asset manager of the JV’s investment platform, while Stokado’s founders continue to manage the portfolio as minority shareholders.

Redefine’s property investments in Poland and South Africa have a value of R88.9 billion. The company focuses on industrial, office and retail asset classes.

Sources:
IPE Real Assets, Stokado Acquires Smaller Polish Self Storage Firm Top Box
Property Forum, Stokado Acquires Self-Storage Asset and Grows Its Portfolio