Signet Bank finances Box Storage, the largest storage facility chain in the Baltics

Box Storage, developed by Latvian investment company Merito Partners and the largest storage facility operator in the Baltics, has attracted 2.55 million euros in financing from Signet Bank. The financing will be used to develop new premises in Riga and expand the availability of convenient and secure storage solutions in the urban environment for both individuals and businesses.

Currently, the company rents out more than 3,000 storage units, and with the support of the attracted financing, it plans to significantly increase this number. The storage units’ range in size from 1 m³ to 80 m², are heated and ventilated, ensuring suitable conditions for both short-term and long-term storage. Customers can access their storage units at any time of the day or night using a smart lock system, which allows them to manage their units conveniently and securely from a smart device.

“In developing the Box Storage network, we focus on acquiring and developing properties in locations that are convenient and easily accessible to residents. The demand for storage space from individuals and businesses is constantly growing in Riga and other major cities in the Baltic States, and it still exceeds supply. Signet Bank financing opens up new opportunities for expanding and developing our offering,”

says Pēteris Guļāns, head of the Box Storage group.

In the fall of 2023, Merito Partners established a specialized fund, Merito Self Storage Fund, with the goal of developing the largest network of storage facilities in the Baltic region within five years. As part of this, storage complexes of various sizes are being developed with a total leasable area of approximately 30,000 square meters and 6,500 individual storage units. The fund already owns Box Storage, the largest storage facility operator in the Baltics, with eight storage facilities: five buildings in Latvia, including a storage facility in the former Go Planet entertainment center building in Riga, a property in Tallinn, and two properties in Lithuania – in Vilnius and Kaunas.

“By supporting the development of Box Storage, Signet Bank is promoting the expansion of modern infrastructure in Riga, which ensures a more comfortable life for city residents and offers practical solutions for various needs of the population. The funding provided allows the company to continue its growth with a long-term vision and clear added value for its customers,”

says Ineta Done, Member of the Board of Signet Bank.

About Merito Partners:

Merito Partners is Latvia’s leading investment company, managing more than 10 investment funds and overseeing more than 20 sustainable energy, specialized real estate, and long-term (evergreen) investment projects worth at least EUR 150 million. Merito Partners funds have attracted investments from 220 private and institutional investors in Latvia. More information about Merito Partners’ investment strategies is available here.

About Signet Bank:

Signet Bank is Latvia’s leading investment bank, founded in 1991 and one of the first independent banks in Latvia. Signet Bank offers sustainable financing and investment solutions to local entrepreneurs and companies. Since 2021, Signet Bank has attracted additional financing of EUR 1 billion for more than 50 Latvian companies through bond and share issues, while new lending transactions amounted to EUR 500 million. In 2024, the financial resources under management reached EUR 1.6 billion. Signet Bank is the leading organizer of corporate bond and share issues in Latvia and one of the leading stock exchange brokers in the Baltics. Signet Banka’s shareholders are twenty-four Latvian and international private investors, the largest of which are Signet Acquisition III (22%), whose sole shareholder is US investor Alexander Solovey, SIA Reglink (14%), founded by banking professional Irīna Pīgozne, and AS RIT Group (11%), a Latvian company owned by the Rapoport family.