H.I.G. Capital has expanded its European real estate portfolio with the creation of Boxengo, a new self-storage platform formed through the acquisition of five properties in Milan and Rome. The move marks the firm’s entry into Italy’s self-storage market and its third platform in the sector across Europe, following previous investments in the United Kingdom and Germany.
Five-Property Portfolio Establishes Presence in Milan and Rome
The initial Boxengo portfolio includes four Milan facilities and one in Rome. Two Milan sites are expected to open before the end of 2025, with the remaining locations launching in 2026. The staged rollout is intended to test demand and refine Boxengo’s operating model prior to national expansion.
Industry veteran William Binella has been appointed chief executive officer. With more than 25 years of experience in the self-storage industry, Binella will oversee the platform’s development and day-to-day operations. His appointment aligns with H.I.G.’s strategy of partnering with seasoned operators in sectors where management execution plays a central role in value creation.
Market Context and Investment Rationale
Italy remains one of Europe’s least penetrated self-storage markets, offering early-stage growth potential for institutional investors. Population density, urban housing constraints, and increased small-business activity in cities such as Milan and Rome create structural demand drivers for additional storage capacity.
“H.I.G. is focused on operationally intensive, undersupplied real estate segments where we can add value through expertise and scale,” said Riccardo Dallolio, managing director and head of H.I.G. Realty in Europe.
Alessio Lucentini, managing director and head of asset management for H.I.G. Realty in Europe, said the goal is to establish “a next-generation, operationally innovative self-storage platform built on high-quality assets.”
Self-storage has historically performed well through economic cycles, with consistent demand from residential and business customers during periods of relocation, downsizing, or transition. These characteristics have made the asset class appealing to private equity investors seeking stable, cash-flowing businesses within real estate.
Expanding European Real Estate Footprint
The launch of Boxengo adds to a series of transactions by H.I.G.’s European real estate team across multiple markets. In France, the firm recently acquired logistics properties in Paris and Lyon to capture growth in e-commerce and last-mile delivery. In the United Kingdom, it purchased Radio House and St. Andrew’s House in Cambridge, an 85,000-square-foot innovation campus serving technology and life sciences tenants.
The firm has also increased its exposure to the Italian market. Alongside Boxengo, H.I.G. has pursued logistics and residential investments designed to leverage urbanization trends and limited modern stock in key metropolitan areas.
Broader Transaction Activity
Founded in 1993 by Sami Mnaymneh and Tony Tamer, H.I.G. Capital manages approximately $70 billion across private equity, real estate, infrastructure, and credit strategies. The firm operates from 19 offices worldwide, including locations in London, Hamburg, Madrid, Milan, and Paris.
H.I.G. has remained an active acquirer during 2025 despite slower capital markets activity. Recent transactions include the purchase of Canadian mobile fueling business 4Refuel, the merger of IT providers Converge Technology Solutions and Mainline Information Systems to form Pellera Technologies, and the establishment of a GP Solutions Platform to pursue secondary and continuation-fund investments.
Strategy and Outlook
H.I.G.’s real estate platform emphasizes active ownership and operational improvement. Rather than focus solely on property appreciation, the firm targets sectors where day-to-day management can drive income and growth.
“The Italian self-storage market is at an early stage of development, but the fundamentals are solid,” said Dallolio. “Urbanization and changing consumer behavior are expected to support long-term demand.”
The Boxengo investment mirrors H.I.G.’s wider approach: building scalable, management-led platforms in fragmented sectors with strong entry barriers. By combining operational expertise with local market presence, the firm aims to generate returns less dependent on short-term property cycles.
As Boxengo’s Milan and Rome facilities open over the next year, the platform will test whether Italy’s emerging self-storage sector can follow the trajectory seen in more mature European markets. For H.I.G. Capital, the initiative demonstrates continued confidence in operationally driven real estate strategies despite broader macroeconomic uncertainty.
