We have advised 1Box Group on its acquisition of Kubox, another leading self-storage operator in the Netherlands, and a c.€58 million loan from Tristan Capital Partners’ TIPS One "Income Plus" Real Estate Debt Fund for the refinancing and funding of capital expenditures associated with a portfolio of self-storage assets spread across the Netherlands.
The 1Box Group is a self-storage platform backed by Volta Global, a US-based global investment group, with a mission to build a leading cross-border pan-European self-storage business.
With this acquisition, the 1Box self-storage portfolio now comprises 26 operational self-storage facilities in the Netherlands and the 1Box Group reinforces its position as an industry leader. With the c.€58 million financing. 1Box aims to refinance and consolidate the existing borrowings of the group and to fund capital expenditure associated with new conversions and recent acquisitions. The group also aims to stabilise its newly opened sites and those under development and increase profitability through the use of technology and ongoing operational efficiencies.
The financing aspects of the transaction were handled by our London and Amsterdam real estate finance specialists. Commenting on the transaction, corporate real estate partner Hendrik Jan Schimmel said: "we are delighted to have supported the 1Box Group on this acquisition and financing in a close collaboration between the London and Amsterdam offices and to provide the personalised legal support to get them one step closer to accomplishing their vision for the future of self-storage."
Co-head of Taylor Wessing's international real estate finance group Gareth Lawson said: "It was fantastic to work with the Volta and 1Box teams on a key transaction for them and to be able to further demonstrate the strength and capabilities of the Taylor Wessing's international real estate finance expertise."
Jeff Evans, President of Volta Global added: "We are very grateful to the Taylor Wessing team for their ongoing support in the growth of our European self-storage platform, and especially for their guidance and counsel through this transaction. The team's engagement and collaboration throughout this process made the complexities and cross border elements of the transaction much easier to navigate."
The multi-jurisdictional team from Taylor Wessing was led by corporate real estate partner Hendrik Jan Schimmel.
Further support was provided by:
Banking and Finance
Partner Gareth Lawson and senior associate Deborah Lipszyc in the UK
Partner Andrei Babiy and associate Paul Orij in the Netherlands
Corporate M&A
Partner Elmar Dijkstra and associate Sanna Domenie in the Netherlands
