Safestore eyes expansion as UK revenues rise
Safestore has seen its UK revenues rise by 25% in Q3, as occupancy levels bounced back.
The UK’s largest storage provider earned £36.9m from its UK sites, up from £29.6m for Q3 2020. Occupancy rose by 12 percentage points from 74.6% to 86.6%.
Safestore has 161 stores, 128 of which are in the UK, 29 in the Paris region and four in Barcelona. In addition, the group operates nine stores in the Netherlands and six in Belgium under a joint venture agreement with Carlyle.
Safestore has seen its UK revenues rise by 25% in Q3, as occupancy levels bounced back.
The UK’s largest storage provider earned £36.9m from its UK sites, up from £29.6m for Q3 2020. Occupancy rose by 12 percentage points from 74.6% to 86.6%.
Safestore has 161 stores, 128 of which are in the UK, 29 in the Paris region and four in Barcelona. In addition, the group operates nine stores in the Netherlands and six in Belgium under a joint venture agreement with Carlyle.
The group has a maximum lettable area of 7m sq ft, excluding jvs, of which 6m sq ft is occupied. Safestore has a further 700,000 sq ft in its development pipeline.
The company added that it expected to revise its full-year earnings guidance upwards.
Chief executive Frederic Vecchioli said: “We continue to focus on the significant upside from filling the 1m sq ft of fully invested currently unlet space in our UK, Paris and Spain markets, as well as the 700,000 sq ft of additional pipeline capacity.”
He added that the company “is very well positioned to continue to grow its portfolio further”.
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Photo © Safestore
