Safestore launches joint venture in Holland and adds Heathrow site
Self storage company Safestore has announced a joint venture which will see it enter the Dutch market for the first time, as well as a separate acquisition in London.
The group said it had formed a partnership with Carlyle European Real Estate Fund to acquire M3 Self Storage, which has six locations in Amsterdam and Haarlem.
Safestore will invest five million euros (£4.58 million) for a 20% equity stake and expects a return on investment of 8% before transaction costs.
Following the completion of the first deal, the joint venture plans to buy up other locations.
Safestore boss Frederic Vecchioli said: “The acquisition of M3 represents an excellent platform for entry into the attractive Dutch self storage market and we expect that our JV with Carlyle will enable us to target additional selected development and acquisition opportunities.”
Meanwhile in the UK, the brand has bought the freehold of another self storage unit currently trading under the Ready Steady Store brand.
The store, which is being acquired from Rockpool Investments, is located near Heathrow Airport.
Safestore will rebrand and take over operation of the site with immediate effect.
It adds to the group’s 119-strong portfolio in the UK, including sites across London, Manchester, Birmingham and Glasgow.
Shares in Safestore were trading 3% higher on Monday morning following the announcements.