Safestore posts double-digit NAV gains
Safestore’s EPRA NAV per share jumped by 12.4% to £4.52 in its full-year results to 31 October 2019.
The self-storage specialist posted a 5.6% increase in revenue, generating £151.8m.
Safestore also saw its underlying EBITDA grow by 5.5% to £87.5m, while occupancy rose 6.2% to 4.98m sq ft.
Safestore’s EPRA NAV per share jumped by 12.4% to £4.52 in its full-year results to 31 October 2019.
The self-storage specialist posted a 5.6% increase in revenue, generating £151.8m.
Safestore also saw its underlying EBITDA grow by 5.5% to £87.5m, while occupancy rose 6.2% to 4.98m sq ft.
The group’s loan-to-value ratio stood at 31% at the end of October.
Safestore also announced that David Hearn has joined the board as chairman, replacing Alan Lewis, who has retired after more than 10 years with the group.
Frederic Vecchioli, chief executive at Safestore, said: “Further to our successful openings this year, we plan to open new stores in London Carshalton, Gateshead, Sheffield and Paris (subject to planning) during the 2019/2020 financial year, adding 175,000 sq ft of further capacity to our estate.
“We have extended our financing facilities with the issuance of a further £125m of seven and 10-year US private placement notes, strengthening our balance sheet and providing us with further flexibility to target selected development and acquisition opportunities as they arise.”
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