Box Storage – the leading self-storage operator in the Baltics, developed by Merito Partners – has acquired a property at Kalnciema Street 87 in Riga. The building will house at least 1,000 individual storage units. Total investment in the Kalnciema Street Box Storage project will exceed EUR 5 million.
The property will be developed in line with Box Storage standards. During the first construction phase, at least 3,000 square meters of leasable space will be built. It is planned, that upon completion, the facility will offer more than 5,000 square meters of leasable space and over 1,000 individual storage units of various sizes.
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 already owns the largest self-storage operator in the Baltics — Box Storage — which currently operates eight facilities: five in Latvia, including a storage complex in the former Go Planet entertainment center in Riga, one property in Tallinn, and two in Lithuania — in Vilnius and Kaunas.
Mārtiņš Baumanis, Partner at Merito Partners, notes:
“The acquisition of the property at Kalnciema Street 87 is a strategic step in expanding the Box Storage network, given its location in Pārdaugava, close to key transport routes, the airport, and residential neighborhoods. Demand for self-storage solutions from both private individuals and businesses continues to grow steadily in Riga and other major Baltic cities, consistently outpacing supply. The fundraising period for the Merito Self Storage Fund has concluded, with EUR 18 million invested by 60 private and institutional investors, demonstrating the strong potential of this specialized real estate investment segment.”
In developing the Box Storage network, Merito Partners focuses on acquiring properties in convenient and easily accessible locations within major Baltic cities. All Box Storage facilities feature 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.