Merito Self Storage Fund, managed by Merito Partners, has successfully completed the acquisition of Box Storage, significantly expanding its footprint in Riga to become the city’s largest network of self storage facilities. This expansion will be further solidified with the transformation of the Go Planet building into a self storage complex. Consequently, the fund’s holdings in Riga will increase to approximately 2,000 individual storage units and 10,000 square metres of leasable area.
The fund’s recent expansion includes the strategic acquisition of three Box Storage facilities totaling 4,000 square metres. These facilities are located in Berģi, on Siguldas Road 11, and in Riga, at Daugavgrīvas Street 49-K1 and Antenas Street 4. The buildings will be expanded, modernizing the infrastructure, and increasing the total leasable area to at least 6,000 square metres. Merito Fund’s pan-Baltic network of self storage facilities will be developed under the Box Storage brand.
Augusts Iesalnieks, Member of the Board at Box Storage explains, “We have expanded our territorial coverage in Riga on our path to developing the largest self storage network in the Baltics and are planning to open new self storage facilities in the Latvian capital. Existing and potential clients will be offered modern and convenient self storage solutions near their homes and offices.”
Merito Self Storage Fund is funding the transaction with co-financing from Luminor Bank. “We plan to expand the Box Storage network by acquiring additional properties in Riga. The reconstruction of our first facility – the former Go Planet entertainment centre – will start soon with about 1,000 individual self-storage units being built during the initial phase. We appreciate our collaboration with Luminor Bank and their trust in a business developed by Latvian investors,” says Mārtiņš Baumanis, Partner and Co-Founder at Merito Partners.
The renovated self storage buildings will have energy-efficient construction solutions. The facilities will offer modern technologies, including a mobile app that provides instant access to the premises with one touch, as well as remote online transactions and automatic payment for services. Customers will have 24/7 access to the storage facilities.
Last autumn, Merito Partners established a specialized real estate fund, the Merito Self Storage Fund with a total target size of EUR 30 million. The fund aims to secure additional EUR 50 million in bank co-financing to establish the leading pan-Baltic self storage network within five years. It will consist of more than 10 self storage facilities with at least 50,000 square meters of leasable area and over 10,000 individual self storage units. Merito Partners has secured over EUR 5 million in capital from more than 20 Latvian investors and is actively continuing to fundraise. Several properties are currently being researched in Lithuania and Estonia, and additional assets are expected to be acquired in the next few months.