PGIM and Pithos expand self-storage JV into Spain

The real estate division of global real estate investor is partnering with Pithos, a major European self-storage asset manager, to develop a self-storage portfolio in Spain.

Self storage

The joint venture will operate under the Zebrabox brand and initially establish a portfolio of 10 assets across Catalonia, with plans for seven more acquisitions in Catalonia, Andalusia, and Valencia. The assets will be consistently repositioned to meet Zebrabox standards, targeting a BREEAM Very Good rating and maximizing occupancy through high-quality refurbishment and active asset management.
PGIM and Pithos previously partnered in 2024 to acquire self-storage assets under the Zebrabox brand in France, developing buildings from buyouts, repositioning existing assets, and converting obsolete light industrial and retail properties. Recent acquisitions include self-storage facilities near Lyon and Toulouse.
Similar to their French partnership, PGIM and Pithos aim to address the lack of institutional-grade self-storage in Spain, a market characterized by persistent undersupply, strong demand, and significant growth potential.
PGIM's investment is being made on behalf of its European value-add strategy, which has been actively acquiring logistics and residential properties in major European cities, as well as healthcare assets in the UK and hospitality assets in Southern Europe, over the past 18 months.
Pithos brings over 20 years of experience in the self-storage sector and in-depth knowledge of local market dynamics to the venture.
Nabil Mabed, senior portfolio manager of European Value-Add strategy and head of France, Spain and Portugal for PGIM’s real estate business, said: “The existing assets we have secured in prime locations across Catalonia and our actionable pipeline leads throughout southern and eastern Spain present an attractive opportunity for institutional investors looking to achieve meaningful diversification through exposure to alternative asset classes, and the seed portfolio we have prepared perfectly complements our wider strategy in European value-add.”
Alexandre Hamaide, managing director and co-founder of Pithos, added: “Partnering with PGIM to expand Zebrabox into Spain builds on a proven playbook: buy well, reposition to institutional standards, and operate with discipline. Our seed assets in Catalonia and the secured pipeline across southern and eastern Spain will be upgraded to Zebrabox standards—with a focus on energy-efficient, low-footprint operations—to elevate customer experience, accelerate occupancy, and generate compelling risk-adjusted returns for institutional investors.