24 Storage

24Storage operates in the Swedish self-storage market, providing rental storage facilities for both private individuals and businesses. The company was established in 2015 by Michael Fogelberg, a seasoned entrepreneur in the storage industry, along with Stefan Nilsson and Mats Steijner. Fogelberg's extensive background includes founding Shurgard's European operations in the early 90s and later establishing SelStor in 2007, both significant players in the European self-storage scene. This depth of experience was instrumental in shaping 24Storage's strategy, which centered on digitizing the traditional storage business model by leveraging technology to streamline operations and enhance customer experience.

The company's business model is rooted in a digital-first approach, enabling customers to manage the entire rental process online, from booking and payment to accessing their units. This strategy allowed for the remote management of all facilities from a central location, eliminating the need for on-site staff and facilitating rapid expansion without a corresponding increase in headcount. The facilities are temperature-controlled, monitored by video surveillance, and accessible 24/7 via a keycard or a smart entry app, ensuring security and convenience. In addition to standard storage units, the company offers value-added services such as shared workspaces, parcel collection, and even moving services.

24Storage serves a broad client base, from individuals needing space due to life events like moving or downsizing, to businesses requiring document or inventory storage. Its market position is concentrated around Sweden's major cities: Stockholm, Gothenburg, and Malmö. Since its inception, the company has grown to become the second-largest self-storage operator in Sweden. A significant milestone was its IPO on the Nasdaq First North Growth Market in December 2019. In December 2021, 24Storage was acquired by Nuveen Real Estate, a subsidiary of the Teachers Insurance and Annuity Association of America (TIAA), for approximately SEK 2.1 billion ($238 million). This acquisition led to its delisting and integration with Green Storage, another Nuveen-acquired company, to create a market-leading platform in Sweden. As of mid-2022, co-founder Stefan Nilsson was appointed CEO of the combined entity, tasked with integrating the platforms and driving further growth. By 2023, all 24Storage locations were being rebranded to Green Storage.

Keywords: self-storage, property technology, real estate, digital rental, automated facilities, Swedish market, remote management, storage solutions, asset management, commercial real estate