PGIM Real Estate and Pithos Capital formed a joint venture in a €63m deal.

PGIM Real Estate, a global real estate investment manager, and Pithos Capital, a European real estate investment and management firm, formed a joint venture in a €63m deal. The joint venture, which will operate under the Swiss-based self-storage brand Zebrabox, will initially seed a portfolio of 10 assets across Catalonia, with a further seven acquisitions in its secured pipeline in Catalonia, Andalusia and Valencia. Assets will be repositioned consistently to Zebrabox standards, targeting BREEAM Very Good as a baseline and focusing on maximising occupancy through high-quality refurbishment and active asset management.