Pithos Capital and PGIM Real Estate Acquire Flexistockage in Strategic Move for Greater Paris Market

Flexistockage, the largest independent self-storage operator in Europe, has been acquired by Pithos Capital and PGIM Real Estate through their joint venture, Zebrabox France. The acquisition was facilitated by PKF Smith Cooper, who provided advisory services to the shareholders of Lynco SARL and Multibox SNC, the companies trading as Flexistockage.

The Corporate Finance team at PKF Smith Cooper played a pivotal role in the sale process. Their responsibilities included identifying potential buyers, compiling trading data to showcase business performance, discreetly marketing the business to a targeted shortlist, negotiating terms, and managing the transaction to completion. They collaborated with various advisors across multiple jurisdictions, including France, Ireland, Switzerland, and the United Kingdom. The process generated significant interest, ultimately leading to Pithos Capital and PGIM Real Estate being selected as the preferred acquirer.

Flexistockage operates from a site in Argenteuil, a northwestern suburb of Paris, offering over 8,300 square metres of self-storage and commercial office space. The facility features a diverse range of unit sizes, catering to both domestic and commercial clients, and is recognised as one of the largest self-storage facilities in Europe.

This acquisition marks Zebrabox France’s entry into the Greater Paris market. Following the acquisition, Zebrabox France plans to implement extensive upgrades to elevate the existing self-storage site to institutional-grade quality. This will include a full digital transformation, enhanced security measures, and BREEAM certification. The renovation programme is set to commence immediately, with the facility remaining operational throughout the upgrade process.

In addition to traditional self-storage services, the Argenteuil facility will function as a multi-service logistics hub, providing office space for local businesses and entrepreneurs, parking services, and value-added logistics support. This acquisition solidifies Zebrabox France’s presence in the Île-de-France region, one of Europe’s most vibrant self-storage markets, and serves as a flagship location that demonstrates the joint venture’s ability to reposition complex assets in competitive metropolitan environments while ensuring operational excellence.

Peter Lyons, Managing Director of Multibox and Lynco, remarked, “We recently retained PKF Smith Cooper to handle the sale of our Self Storage business Flexistockage located in Argenteuil, Paris. The PKF team headed by Mr Tom Joy ran a competitive sales process over a number of months which concluded with the sale of the business a short time ago. PKF approached the sale process in a very structured manner and presented potential purchasers with a detailed information memorandum which encapsulated all the relevant information about the business and Property. Following this, a pan-European search took place for potential purchasers which resulted in a suitable purchaser being identified who in turn concluded the purchase of the facility. We have no doubt that the professional and directed approach of Tom and his team greatly enhanced our prospects of a successful outcome to the process and maximised value for our business. Their knowledge and expertise of the Self-Storage industry is impressive, and we want to express our appreciation to Tom and his team for their efforts on our behalf.”

Shirley Lyons, Operations Director of Multibox and Lynco, added, “It was a pleasure working with Tom and his team at PKF throughout this sale. They alleviated the stress of liaising with the other side and handled the process efficiently. Their approachable manner and consistent guidance made what could have been a complex process feel smooth and manageable, and we truly valued their support from start to finish.”

Tom Joy, Director at PKF Smith Cooper, commented, “It has been a privilege to advise the Lyons family on the sale of Flexistockage, one of Europe’s premier independent self-storage operators. We are proud to have supported on this transaction and are excited to see the business become the flagship site within Zebrabox’s growing portfolio across Europe.”

The transaction was advised on by the PKF Smith Cooper Corporate Finance team, led by Tom Joy with support from Natasha Care. Legal advice was provided by Maud Gendron of Yards and François Pourrier of a contrario notaires.