Safestore boosts revenue in Q4
Self-storage provider Safestore has boosted revenues and occupancy levels in the fourth quarter.
The group brought in £40.5m in turnover during the period from 1 August to 31 October 2019, up 5.7% from £38.3m a year ago.
Closing occupancy rose to 4.9m sq ft from 4.69 sq ft in the fourth quarter of 2018.
Self-storage provider Safestore has boosted revenues and occupancy levels in the fourth quarter.
The group brought in £40.5m in turnover during the period from 1 August to 31 October 2019, up 5.7% from £38.3m a year ago.
Closing occupancy rose to 4.9m sq ft from 4.69 sq ft in the fourth quarter of 2018.
Like-for-like revenues increased 3.7% to £39.3m, and full year like-for-like revenue was up by 4.8% to £149.2m.
Safestore chief executive Frederic Vecchioli said: “In addition to the completion of our JV with Carlyle in the Netherlands, the acquisitions of Fort Box and of our new Heathrow store, as well as new store openings in Peterborough and Birmingham Merry Hill, demonstrate significant strategic progress.
“Further to our successful openings this year, we plan to open new stores in London-Carshalton, Gateshead, Sheffield and Paris-Magenta (subject to planning) during the 2019/2020 financial year, adding 175,000 sq ft of capacity to our estate.”
The group also extended its finance facilities with a further £125m in US private placement notes.
Vecchioli said: “The company is in a very strong position and, as ever, our top priority remains the significant organic growth opportunity represented by the 1.5 million sq ft of currently unlet space in our existing fully invested estate.”
To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette
