24Storage was acquired by Nuveen Real Estate in a $238 million deal.

24Storage, a Stockholm, Sweden-based company operating a storage business, announced that it was acquired by the American real estate investors from Nuveen Real Estate.

The deal was made for a company valuation of SEK 2.1 billion ($238 million).

24Storage, founded in 2015 by Stefan Nilsson, Mats Steijner and Michael Fogelberg and led by CEO Fredrik Sandelin, sells access to self storage facilities with automated solutions. The company the second largest self-storage operator in Sweden as it owns 26 assets and a further four assets under development. The assets are centred around Sweden’s three major cities of Stockholm, Gothenburg, and Malmö and comprise approximately 12,000 individual units.

This transaction follows the recent acquisition of Green Storage platform last month, which comprised of 14 existing assets. The acquisitions enable Nuveen to build a market-leading platform in Sweden, underpinned by a high-quality portfolio of 44 assets and a highly experienced management team. In addition, the platforms benefit from complimentary strategies with a location-driven focus, digitalised operational platforms and pioneering sustainability credentials.

24Storage was publicly listed REIT on the NASDAQ First North Growth Market, and has raised private money from investors including Adrigo Asset Management, Consensus Asset Management, Ernström & C: o (in 2019) and multiple local angel investors from Sweden such as Michael Fogelberg and Staffan Persson.