German Self-Storage Operator SpaceGenie Opens First Facility, Hires Executives

SpaceGenie has opened its very first self-storage facility, located in Hassloch, Mannheim, Germany. The operator has also hired Malte Behrens as chief financial officer (CFO) and Steffen Kluners as chief investment officer (CIO), according to a press release.

The new development at Rudolf-Diesel-Strase 12 comprises 18,298 square feet of drive-up self-storage. It’s also been nominated for a “gold” rating by the German Sustainable Building Council for its commitment to sustainability during construction.

SpaceGenie has six additional properties under construction this year and hopes to achieve a gold rating for each. It’s also in negotiations to acquire three more development sites as well as to purchase eight existing self-storage properties. The company aims to own 50 locations by 2027, the release stated.

“Despite our initial confidence, the strong demand for our first facility in Hassloch has exceeded our expectations, with over 25% of the space already leased at rates above our forecasts,” said Joe Hare, director of Intriva Capital, the alternative asset-management firm that launched SpaceGenie in 2022.

SpaceGenie is also strengthening its leadership team with the addition of Behrens and Kluners. Behrens was formerly a senior finance executive for shipping company DPD Logistics and Siemens AG, a German technology conglomerate. As CFO, he’ll manage all financial and accounting operations.

As CIO, Kluners will oversee company acquisitions. Prior to joining SpaceGenie, he was a director for investment firm Marcol, where he spearheaded the launch and expansion of the company’s self-storage investment strategy in Germany. He started his career with Blackstone, an alternative asset manager, where he worked on several real estate transactions.

“I am delighted to welcome Steffen and Malte, who bring deep expertise to our operations as we scale up. We are also looking to expand our team with strategic hires throughout 2024 to meet Germany's growing need for self-storage solutions,” Hare said.

Intriva manages capital on behalf of institutional investors. It focuses on sustainable value creation in mid-market businesses throughout Western Europe. The company has offices in Germany, Spain and the United Kingdom.