LONDON, UK. OCT. 14, 2025 – PGIM’s real estate business, the world’s third largest real estate investment firm* has partnered with Pithos, one of the largest asset manager of self-storage properties in Europe, to build out a portfolio of self-storage assets in Spain.
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.
PGIM and Pithos first partnered to acquire self-storage assets under the Zebrabox brand in France in 2024, developing buildings from the buyout and repositioning of existing assets, in addition to the conversion of obsolete light industrial and retail assets. Recent acquisitions include the self-storage facilities in the greater area of Lyon and Toulouse.
As with its partnership in France, PGIM and Pithos aim to bridge a gap in the provision of institutional-grade self-storage, where both markets are characterised by persistent under-supply, demonstrating strong demand and significant growth potential.
PGIM’s investment is made on behalf of its European value-add strategy, which has been active over the last 18 months primarily on acquisitions across logistics and living in Europe’s major cities, as well as healthcare in the UK and hospitality in Southern Europe.
Pithos brings over 20 years’ of experience in the sector and extensive knowledge of local market dynamics.
Nabil Mabed, senior portfolio manager of European Value-Add strategy and Head of France, Spain and Portugal for PGIM’s real estate business, said: “Together with Pithos and Zebrabox, we are looking forward to launching this new venture in Spain to unlock the significant value within the European self-storage sector. The existing assets we have secured in prime locations across Catalonia and our actionable pipeline leads throughout southern and eastern Spain present an attractive opportunity for institutional investors looking to achieve meaningful diversification through exposure to alternative asset classes, and the seed portfolio we have prepared perfectly complements our wider strategy in European value-add.”
Alexandre Hamaide, managing director and co-founder of Pithos, said: “ Partnering with PGIM to expand Zebrabox into Spain builds on a proven playbook: buy well, reposition to institutional standards, and operate with discipline. Our seed assets in Catalonia and the secured pipeline across southern and eastern Spain will be upgraded to Zebrabox standards—with a focus on energy-efficient, low-footprint operations—to elevate customer experience, accelerate occupancy, and generate compelling risk-adjusted returns for institutional investors.
* As of June 30, 2025. Net AUM is $138 billion and AUA is $47 billion. PGIM's real estate business is the third largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on ‘Pensions & Investments’ “The Largest Real Estate Investment Managers” list published October 2024. This ranking represents AUM as of 6/30/24. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.
ABOUT PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than US$1.44 trillion in assets,1 PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and other retail investment vehicles. With 1,450+ investment professionals across 42 offices in 19 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.
Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
PGIM is the world’s third-largest real estate investment manager, with US$213 billion in gross assets under management and administration,2 and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.
Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.
ABOUT PITHOS
With €330 million in gross assets under management, Pithos is a Swiss-based dedicated real estate investment and management company with a pan-European presence. With more than 20 years’ experience in this sector, Pithos Capital’s team combines entrepreneurial roots with an institutional framework to source the best opportunities and yield superior performance in a fragmented real estate asset class. With a particular focus in self-storage, through both direct holdings and joint ventures, Pithos currently manages 64 self-storage assets (140,000 sqm) with operations in Switzerland, United Kingdom, Spain and France with a gross asset value of CHF 350 million. Pithos’ capabilities extend to adjacent real estate vertical market segments encompassing logistics, light industrials, and residential and also includes investments in real estate operating businesses. Pithos maintains corporate offices in Geneva, London, Paris and Luxembourg.
1 As of 30 June 2025.
2 As of 30 June 2025. Net AUM is US$138 billion and AUA is US$47 billion. PGIM’s real estate business is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024
