Mitiska REIM and Storo expand self storage platform into Portugal

Mitiska REIM, the leading specialist investor in European convenience real estate, has announced in partnership with Storo and an experienced local management team, the launch of Storo’s next-generation self storage platform in Portugal. Supported by the MEREP 3 Fund, the initial plan is to develop 10 Storo sites in the Lisbon area and 5 sites targeting Porto and the Algarve.

Storo is a next-generation self storage operator, offering a unique digital booking and onboarding process, a keyless system for units managed on an app, and a fully digital automated service, targeting both consumers and business customers. Storo has now opened 7 self storage sites in Belgium, with a total net lettable area (NLA) of 21,000 m², and has plans to at least double the number of Storo sites in Belgium over the next three years.

Storo will be partnering with a local team to manage and lead the rollout in Portugal, comprising former senior executives of a well-known Portuguese self storage operator, led by Pedro Rodrigues together with Tiago Maré Dias and Ana Fragata, who bring strong local expertise and experience, on-the-ground management and an actionable pipeline.

A first site in the Lisbon area has been secured and is currently in final stage of due diligence, with two other sites under negotiation, and a further pipeline being actively investigated.

Commenting on the launch, Bart Rabaey, Mitiska REIM’s Chief Investment Strategy Officer, said: “We look forward to working with our highly experienced local partners to roll out the Storo platform across Portugal. We see huge untapped potential in the Portuguese market, which combines growing demand for storage space with one of the most undersupplied markets in Europe.”

Pedro Rodrigues, Managing Director of Storo Portugal, comments: “Combining the Storo platform with the expertise of our local team gives us a market-leading proposition to capitalize on the significant opportunity we see in the Portuguese market.”

Jorinne De bruyn, Managing Director of Storo, adds: “Our ambition has been to expand Storo internationally across Europe, and this launch in Portugal marks a significant milestone.”