Europi Property Group has entered into a joint venture with the Belgium-based self-storage platform Cobalt Box, committing further capital for platform expansion through a strategic partnership

11 July, 2025
by Europi Property Group

Europi Property Group has entered into a joint venture with the Belgium-based self-storage platform Cobalt Box, committing further capital for platform expansion through a strategic partnership

Cobalt Box, founded in 2017, owns and operates eight strategically located self-storage assets across Belgium’s major urban clusters. The founder-led company has an excellent operational track record with strong growth since inception and is at present in the top five largest self-storage operators in Belgium.

Europi Property Group and Cobalt Box have been in discussions about a strategic partnership since the beginning of the year and are pleased to announce that Europi has acquired 51% of Cobalt Box while both parties are also committing significant capital for platform expansion.

The European self-storage market is experiencing robust growth driven by urbanisation, rising housing costs and housing shortages as well as SMEs seeking flexible, cost-efficient storage solutions. The market has more than doubled over the past five years and is expected to grow by at least 5% CAGR over the next five years. It is characterised by significant supply shortage, upward rental pressure and increased institutional investment focus.

The Belgian self-storage market remains highly fragmented, creating a landscape with ample opportunity for growth and consolidation. Cobalt Box has a strong expansion pipeline, targeting to more than double the portfolio in the near-term through strategic M&A and select add-on acquisitions. Europi Property Group’s partnership with Cobalt Box aims to continue strengthening the platform’s position as one of the market leaders in Belgium with potential to further expand internationally across Europe.

Cobalt Box’s value creation strategy is centred around delivering state-of-the-art self-storage products through 24/7 smart access and surveillance, modular and scalable unit formats and seamless online customer experience including technology enabled booking, payment and support processing across all facilities. The assets are adapted for both individual customers and enterprise clients.

Jonathan Willén, CEO of Europi Property Group, commented:

“We’re thrilled to enter the self-storage space and partner with Cobalt Box, led by an experienced management team who have built a best-in-class operator. The existing platform is well positioned to take advantage of a market poised for consolidation, while driving operational outperformance through strategic technology deployment. We believe Europe will continue to catch up to the US in terms of sectoral growth, and we like the resilient tenant demand and strong cash flow profiles of self-storage assets”

Christophe Friling, CEO of Cobalt Box, commented:

“Partnering with Europi and its dynamic team is a key step in developing and strengthening our self-storage platform in Belgium. This strategic partnership gives Cobalt Box a strong foundation to accelerate growth and deepen our presence in the market, enabling us to combine Europi’s expertise with our own to roll out new, state-of-the-art facilities across the country’s largest urban clusters.”