HIG Capital Launches Boxengo Self-Storage Platform Across Italian Cities

Alternative investment firm HIG Capital has completed its entry into Italy's self-storage market through five property acquisitions in Milan and Rome, establishing a new platform called Boxengo. The development extends the Miami-based firm's European real estate strategy into a third national market. Boxengo will operate four facilities in Milan and one in Rome, with initial openings scheduled before the end of 2025 for two Milan locations. The remaining properties will become operational during 2026. Industry executive William Binella, who has spent over 25 years in the self-storage sector, takes the helm as chief executive officer. The acquisitions add to HIG's existing self-storage operations in the United Kingdom and Germany, creating a multi-country platform targeting urban markets where residential density creates demand for additional storage capacity. Italy's market remains less saturated than comparable economies, presenting opportunities for operators who can establish scale and brand recognition early. HIG Capital Pursues Value-Add Real Estate Self-storage fits within HIG's recent focus on real estate sectors requiring operational expertise rather than passive ownership. The firm has pursued similar opportunities across Europe, including logistics properties in Paris and Lyon, and a life sciences innovation campus in Cambridge. Each investment targets markets where supply constraints and active management can generate returns independent of broader real estate price appreciation. Riccardo Dallolio, managing director and head of HIG Realty in Europe, characterized the sector as "operationally intensive and undersupplied." His assessment points to market dynamics that favor consolidators with operational capabilities over financial buyers seeking simple yield plays. Self-storage demands customer acquisition, facility management, and pricing optimization—competencies that create barriers to entry but also differentiate operators. Alessio Lucentini, managing director and head of asset management for HIG Realty in Europe, outlined ambitions to build "a next-generation, operationally innovative self-storage platform built on high-quality assets." The statement suggests Boxengo will compete on service and technology rather than price alone, a common strategy as self-storage matures from a commodity business into one where customer experience matters. Milan and Rome represent logical starting points. Both cities combine high population density, elevated housing costs, and the commercial activity that drives business storage needs. Consumer adoption patterns remain less developed than in the United States or Britain, but demographic trends and urbanization suggest growing demand. Success will depend on whether Boxengo can cultivate local market awareness and adapt operational practices from HIG's other European platforms. Broader Investment Activity The Italian launch represents one element within a busy transaction calendar for HIG. Founded in 1993 by Sami Mnaymneh and Tony Tamer, the firm now manages $70 billion across multiple strategies and has sustained deployment activity despite challenging market conditions. Major 2025 transactions include the acquisition of 4Refuel for up to CAD $400 million, completed in July. The mobile fueling company serves customers across Canada and Texas, providing on-site refueling services to transportation, construction, and industrial clients. HIG also merged IT solutions providers Converge Technology Solutions and Mainline Information Systems into Pellera Technologies, creating a combined entity generating approximately $4 billion in annual revenue. The firm formalized its approach to secondary markets by establishing a GP Solutions Platform, hiring a team from Morgan Stanley's private equity secondaries business. Dan Wieder joined as managing director alongside managing director Yash Gupta and principals Austin Gerber and Joe Holleran. The group will focus on GP-led transactions, including continuation vehicles that provide liquidity to existing limited partners while allowing sponsors to maintain ownership of high-performing assets. These investments span diverse sectors and geographies but share common themes: fragmented markets ripe for consolidation, businesses requiring operational improvements, and situations where HIG's resources can drive value creation beyond financial structuring. The approach appears designed to navigate an environment where traditional leveraged buyouts have become more expensive and exit timelines more uncertain. Platform Strategy in Focus HIG operates across seven investment strategies—private equity, growth equity, real estate, direct lending, infrastructure, special situations debt, and growth-stage healthcare. The firm maintains 19 offices globally, with European locations in Hamburg, London, Luxembourg, Madrid, Milan, and Paris. Since inception, HIG has invested in more than 400 companies, with its current portfolio exceeding 100 businesses that collectively generate more than $53 billion in annual sales. Real estate investments have emphasized platforms combining property ownership with operating businesses. This model offers multiple value creation paths: improving operations, consolidating fragmented markets, and enhancing asset quality through capital investment. Self-storage exemplifies the approach—success depends not just on property selection but on customer acquisition, pricing strategy, and operational efficiency. Whether Boxengo achieves market leadership in Italy depends on execution over the coming years. The firm must navigate local regulations, build brand awareness, and compete against both established operators and new entrants attracted by the same market opportunity. HIG's track record in the UK and Germany provides templates, but each market presents distinct challenges. For investors and industry observers, the Italian launch offers insight into how private equity firms are adapting strategies for a period of economic uncertainty. Rather than retreating, HIG continues deploying capital into sectors where operational expertise can generate returns even if broader market conditions remain choppy. The self-storage bet reflects confidence that urbanization, housing constraints, and changing consumer behavior will drive demand regardless of near-term economic fluctuations.