Merito Partners portfolio company Box Storage has opened the largest self-storage facility in the Baltics. It is located at Gunāra Astras Street 2B in Riga and was established after renovating the former Go Planet entertainment center, with an investment of EUR 5 million. The newly specialized self-storage area offers 4,200 square meters of leasable space.
In fall 2023, Merito Partners launched the Merito Self Storage Fund to develop the largest self-storage network in the Baltic region within five years. The project aims to create at least 10 storage complexes, totaling 30,000 square meters of leasable area and 6,500 individual storage units.
The fund currently owns Box Storage, the largest self-storage operator in the Baltics, with seven facilities: four in Latvia, one in Tallinn, Estonia, and two in Lithuania (Vilnius and Kaunas).
Mārtiņš Baumanis, partner at Merito Partners, stated “The newly opened Box Storage facility is one of the most ambitious projects of its kind in the Baltic region, and its leasable area will gradually be doubled. As we expand the Box Storage network, our strategy focuses also on acquiring and developing unused buildings in convenient locations. Similar to the former Go Planet building, we transform these properties into specialized self- storage facilities that adhere to the highest industry standards. The demand for storage space for both personal and business needs in major Baltic cities currently exceeds supply. Given the present market conditions, we see significant potential for business development and return on investment throughout the region.”
More than 40 private and institutional investors, including Signet Bank, have already contributed to the Merito Self Storage Fund. The reconstruction of the Box Storage building at Gunāra Astras Street 2B was co-financed with a loan from BigBank.
The newly established Box Storage facility offers 750 individual units, ranging from one to 15 square meters. The building utilizes energy- efficient construction and advanced security solutions. Customers benefit from user-friendly smart technologies, including a mobile app that provides instant access to storage units with a single tap, remote contract signing via the website, and automatic payment processing. Storage units are accessible to clients 24/7. For further details, please visit the Box Storage website.