Heitman Acquires Majority of Talliosake Oy's Rental Business to Launch Nordic Self-Storage Platform Talli
Heitman LLC ("Heitman"), a global real estate investment management firm, announced the launch of Talli, a Nordic drive-up self-storage platform established through the acquisition of the majority of Talliosake Oy's ("Talliosake") rental operating business. Talliosake will remain a minority investor in Talli.
The transaction was completed on behalf of Heitman's European value strategy and creates a platform for expansion across Finland and Sweden. It builds on Heitman's Nordic self-storage presence following its 2024 acquisition of the Servistore platform in Sweden, the firm said.
Talli Platform Structure and Leadership
The Talli platform will be led by Talliosake's current management team, supported by Heitman. The firm said the arrangement brings together the management team that has driven Talliosake's growth with Heitman's global investment and operational capabilities.
Mikko Lahtinen, CEO of Talli Nordics, said the team has spent over 15 years developing its drive-up self-storage concept. "We have an experienced and skilled team, with a strong understanding of the market. As we take the next step and significantly accelerate our growth, our goal is to create several new drive-up self-storage units across Finland and Sweden for entrepreneurs, businesses, and consumers," Lahtinen said. "This partnership with Heitman provides our team with the resources and long-term foundation to build Talli into a leading Nordic drive-up self-storage platform."
Since 2010, Talliosake has delivered more than 6,400 drive-up self-storage units across 230 properties in Finland and Sweden, building expertise in land acquisition, planning, development, leasing and asset management. That figure reflects Talliosake's broader development history rather than the initial Talli portfolio.
Initial Portfolio and Develop-to-Hold Strategy
The initial Talli portfolio comprises 15 drive-up self-storage properties, 11 in Finland and four in Sweden, alongside a pipeline of additional growth opportunities. Heitman and Talliosake plan to grow the portfolio through a range of physical and operational enhancements.
The platform marks a change in business model. Talliosake's business has primarily focused on developing and selling individual drive-up self-storage units. Talli will instead pursue a develop-to-hold strategy, creating and operating income-producing drive-up self-storage properties for long-term ownership. Heitman and the management team believe the approach will allow the platform to build greater scale, enhance customer experience and create an institutional-quality self-storage portfolio across Finland and Sweden.
Retaining completed assets is expected to provide recurring rental income rather than one-time unit-sale proceeds. The strategy requires more capital and operating expertise than selling individual units, as Talli must lease newly developed space, manage construction and planning risk, and maintain occupancy as it expands.
Heitman's Rationale: Fragmented, Undersupplied Markets
Caleb Mercer, Managing Director of Private Equity Europe at Heitman, pointed to market conditions in announcing the transaction. "Finland and Sweden are both fragmented, undersupplied markets, with strong demand for drive-up self-storage from both business and residential customers," Mercer said.
Mercer also cited Heitman's sector experience. "Heitman has deep experience in the self-storage sector, including supporting the growth and eventual IPO of Shurgard, now Europe's largest self-storage owner and operator. These favourable market dynamics present an opportunity to build a leading Nordic drive-up self-storage platform, and we are excited to partner with the experienced team from Talliosake."
Nordic Self-Storage Market Context
Nordic self-storage penetration is low relative to European and U.K. markets. Urbanization, smaller homes and a shortage of well-located small industrial facilities support demand from both households and businesses. Planning restrictions and the scarcity of suitable urban sites continue to limit new development, which is particularly relevant to drive-up facilities that require accessible sites and can compete for land with light industrial, logistics and other commercial uses.
A 2025 European industry report found average rental rates rose 5.4% to €312.56 per square metre annually, and 70% of operators expected occupancy and rents to improve over the following year. The report also noted increasing use of remotely managed stores, especially in Sweden.
Market indicators for the two countries differ. Sweden has an estimated 530,000 square metres of self-storage floor space, average occupancy of 87.4% and average annual net rent of €217 per square metre. Finland has an estimated 220,000 square metres, average occupancy of 74.9% and average annual net rent of €286 per square metre. The lower Finnish occupancy suggests potential upside but may also mean newly delivered capacity requires a longer lease-up period.
Heitman's Nordic Build-Out
The Talli transaction follows Heitman's acquisition of a majority stake in Servistore, Sweden's third-largest self-storage operator, with 31 sites (25 open and six scheduled to open) comprising more than 4,000 units and approximately 330,000 square feet of storage. Servistore gave Heitman an operating platform in Sweden; Talli adds a Finnish development and management capability and widens the geographic footprint.
Heitman's Servistore investment, alongside other European self-storage transactions including Shurgard's acquisition of Lok'nStore, reflects continuing institutional consolidation in the sector.
Outlook
With Talliosake Oy remaining a minority investor and its management team leading operations, Talli begins with 15 properties and a development pipeline. Whether the platform scales as planned will depend on its ability to lease new space, manage development and planning risk, and maintain occupancy across both countries.
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