Self-storage in Europe: Scaling in a Structurally Undersupplied Market (Ardian)

Summary

• Facility counts across the UK and Europe increased from approximately 1,700 in 2012 to over 6,000 by 2023, growth of roughly 250%.p.4
• Around 4% of the European population now uses self-storage, and around 75% of centers are mom-and-pop operations.p.4
• Transaction volumes across the UK and Europe reached a record €1.2 billion in 2024, up from €176 million in 2020.p.5
• Private equity accounts for 59% of 2025 YTD transaction volumes.p.5
• The European market comprises more than 10,500 facilities across numerous local and regional operators.p.5
• Average rental rates increased by over 5% in 2025 while assets operate at 78% occupancy in Europe.p.7

Key insights

1. Multiple platforms are now valued above €1 billion, and portfolios in the €100–200 million range have become more common.p.5
2. Ownership structures are evolving toward joint ventures, sale leasebacks and institutional partnerships.p.5
3. Nearly half of operators enable fully online booking and payment.p.6
4. Prime centers in France operate at 85% to 95% occupancy.p.7
5. Operational cash break-even levels, typically in the 30–40% range, are materially lower than in other operational real estate sectors.p.7
6. Planning restrictions and scarce infill land constrain new supply, keeping the market structurally undersupplied.p.8