Miami-based alternative investment firm HIG Capital has launched a self-storage platform in Italy, marking its third European entry into the sector following established operations in the UK and Germany.
The company completed the acquisition of five facilities in Milan and Rome, signaling continued confidence in European real estate opportunities despite overall market uncertainty.
The platform, branded Boxengo, will open its first two locations in Milan before the end of the year. Three additional locations – two in Milan and one in Rome – are scheduled to begin operations during 2026. Industry veteran William Binella, who brings more than 25 years of industry experience, will lead the new company as Chief Executive Officer.
Founded in 1993 by Sami Mnaymneh and Tony Tamer, HIG Capital manages $70 billion in capital across multiple investment strategies. The company has increasingly directed its resources toward operationally intensive real estate sectors where supply constraints produce attractive returns. Self-storage fits this profile, particularly in densely populated European metropolitan areas where limited living space drives demand for additional storage solutions.
HIG Capital’s real estate strategy is taking shape
The Italian expansion reflects a broader pattern in HIG’s recent deals. Over the past year, the company has pursued value-add real estate opportunities across Europe, including logistics assets in France and life sciences campuses in Cambridge. These investments share common characteristics: underserved markets, operational complexity and potential for value creation through active management rather than financial engineering alone.
Self-storage offers specific advantages. The sector has demonstrated resilience during economic downturns as consumers and businesses require storage during moves, downsizing or business transitions. Italy’s fragmented market offers opportunities for consolidation, while urban density in Milan and Rome creates natural demand centers. Unlike commercial office spaces, which face structural challenges due to the trend toward telecommuting, occupancy rates for self-storage facilities in European markets have remained stable.
Riccardo Dallolio, managing director and head of HIG Realty in Europe, called self-storage “operationally intensive and underserved” and suggested that the company sees room for both market consolidation and operational improvements. Alessio Lucentini, Managing Director and Head of Asset Management at HIG Realty in Europe, emphasized building “an operationally innovative next-generation self-storage platform built on high-quality assets.”
Wider market context
HIG’s move in Italy comes as private equity firms face pressure to deploy capital in an environment where traditional leveraged buyouts have become more expensive. Rising interest rates have increased financing costs, while economic uncertainty has made exit timing difficult. Real estate, particularly in niche sectors such as self-storage, offers an alternative path: lower leverage requirements, predictable cash flows and longer holding periods adapted to current market conditions.
The company’s recent activity extends beyond real estate. HIG completed its $400 million acquisition of 4Refuel, a mobile fueling company, in July 2025. Earlier this year, the company merged technology solutions providers Converge and Mainline into a new company called Pellera Technologies, creating a $4 billion revenue platform. The company also launched a GP Solutions platform focused on secondary market transactions and hired a team from Morgan Stanley’s private equity division.
These moves suggest that HIG is pursuing a multi-pronged strategy: consolidating fragmented industries, executing corporate spinoffs, and building platforms that benefit from operational expertise, not just financial leverage. The approach appears designed to navigate an uncertain exit environment while maintaining the pace of deployment.
Italy’s self-storage market remains less developed than its counterparts in the US or UK, where per capita availability is well above the European average. This gap represents an opportunity for early movers who can build brand awareness and operational scale before competition intensifies. Boxengo’s focus on Milan and Rome targets the country’s largest metropolitan areas, where population density and real estate prices create favorable conditions for the business model.
Whether HIG will be able to successfully transfer operational practices from its UK and German platforms to Italy remains to be seen. Each market has different regulatory frameworks, consumer behavior and competitive dynamics. Success will likely depend on execution – location selection, pricing strategy and the ability to scale efficiently while maintaining service quality.
The company’s track record suggests confidence in this formula. Since 1993, HIG has invested in more than 400 companies worldwide, with a current portfolio of over 100 companies and total revenues of over $53 billion. The Italian self-storage company is another test of whether operational expertise can boost returns in markets where financial technology has become less reliable.
