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Safestore completes acquisition of Stork Self Storage

2nd November 2017

Safestore has completed the acquisition of Stork Self Storage, which it announced on 25th September, in a deal that is expected to be immediately accretive to earnings per share and support future dividend capacity.

The company said the acquisition of Stork - the eleventh largest self-storage portfolio in the UK, with 12 stores - reinforces its position as the UK's largest self-storage group by the number of sites, with a combined total of 120 stores, 67 of which are in London and the South East.

The business, which had pro forma gross assets of £56.4m at 30th September 2016, has been acquired on a debt and cash-free basis and has been funded from Safestore's existing debt facilities, with the group's £60m accordion facility converted into a committed revolving credit facility.

On a pro forma basis, the group's loan to value ratio following completion of the deal is around 35% compared to 32% at 30th April 2017.

At 1015 GMT, the shares were up 0.6% to 447.80p.

 

Safestore completes acquisition of Stork Self Storage