Mitiska REIM and Storo open two new self storage sites

Mitiska REIM, the leading specialist investor in European convenience real estate, has announced in partnership with Storo the opening of two new self storage sites in Antwerp and Evere.

This expansion is part of Mitiska REIM and Storo’s plan to roll out the innovative Storo concept to cities across Belgium. 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.

The new facility on the Noorderlaan in Antwerp is the largest Storo site to date, with 750 units and a total rentable area of 5,000 m², a further 1,500 m² of wholesale storage, and two 450 m² SME units. This facility is owned by Storo Propco, in which MEREP 3 has invested since March 2023.

The Evere site is located in the northern outskirts of Brussels, close to the NATO headquarters, and in a highly complementary location to the operational sites in Groot-Bijgaarden and Zaventem. It features 377 storage units ranging in size from 1-30 m², with a total rentable area of 2,500 m². The building in Evere is owned by a third party and managed by Storo.

Both sites have involved the refurbishment and repurposing of existing buildings in easily accessible urban locations, converting them into modern, convenient and sustainable self storage facilities, targeting “Very Good” BREEAM certifications.

These latest openings bring the total number of Storo facilities in Belgium to seven, with sites also operational in Brecht, Mechelen, Roeselare, Groot-Bijgaarden and Zaventem. An additional site in Mechelen is scheduled to open early next year, and permits have been approved for new sites in Wilrijk and Ghent.

Lennert De bruyn, Managing Director of Storo, comments: “We are seeing strong demand across our sites from both consumers requiring extra storage space, and businesses looking for alternatives to warehousing for stock and equipment, or temporary storage of items for delivery. The ease of booking and flexibility of the Storo platform is proving very attractive for both consumers and businesses.”

Bart Rabaey, Mitiska REIM’s Chief Investment Strategy Officer, adds: “The European self storage market presents a unique investment opportunity through the combination of growing demand for storage space, within a market which is currently underserved and fragmented. We believe that the current early-stage opportunities in next-generation storage present a compelling opportunity to unlock value in this dynamic and growing sector of real estate.”