Safestore Boosts Profits Amid Flurry Of Acquisitions

Profits have spiked at self-storage giant Safestore – powered by a strong trading performance and increased earnings from investment properties. In its latest half-year results, profit before income tax jumped from £167.3m to £285.2m, with a 25.3 percent increase in the interim dividend to 9.4p reflecting growing profitability. Meanwhile, group revenues are up 14.6 percent, with like-for-like storage sales rising 16.4 percent. Storage rates were also up across key markets such as UK, Spain, and France – up 13 percent on average, with the UK market enjoying a 15.9 percent…

Attic Self Storage Shortlisted For Two UK Self Storage Association Awards

Today, Attic Self Storage announces that it has been shortlisted for two UK Self Storage Association Awards. Its Harrow facility has been shortlisted for the ‘UK Independent Store of the Year’ award, which recognises the achievements of Self Storage facilities across the UK that consistently deliver an excellent service. Additionally, Lex Ajanaku has been selected as a finalist in the award’s ‘Manager of the Year’ category, which is granted to managers who are instrumental to the success of their stores. The Self-Storage Association (SSA UK) is the trade association for…

North East Business Awards: Cleveland Containers Is crowned Company Of The Year At Teesside Business Awards

Cleveland Containers has topped a record-breaking year to be named as Teesside Company of the Year at the third and final heat of the North East Business Awards. The Stockton based family-firm, which supplies shipping containers and provides modification services, also supplies containers for a wide variety of projects and businesses, and since launching in 2011 it has seen turnover rocket from £1.1m to a record £60m this year. In 2020 it invested £1.2m in a new headquarters and last year decided to launch a new division of the business,…

Europe/UK Self-Storage Operator Safestore Releases Half-Year Fiscal 2022 Results

Self-storage operator Safestore Holdings PLC, which has locations in Europe and the United Kingdom, has released its interim financial statement for the first half of its 2022 fiscal year, which ended April 30. The company experienced growth in revenue and occupancy for most of its operating portfolio, according to the official report. Total revenue for the period was up 15.9% to £101 million, with “like-for-like” growth for the group also up 14.5%, using the constant exchange rate (CER). Same-store revenue grew 16.4% using CER. Profit before income tax was £285.2…

Big Yellow Buys Aberdeen Self-Storage Building For £10 Million

Big Yellow said it had bought a 53,000 sq ft self-storage centre in Aberdeen for £10m. Currently branded as Simply Self Storage, the building is the only purpose-built self-storage centre in the city, and will be rebranded as Big Yellow, the company said on Thursday. It added that the purchase price represented a starting 6% net initial year one yield which should grow to 9% within two years as the store benefits from being added to its digital platform. The deal was expected to be earnings enhancing. “This is an…

Century Old Removals Firm Opens New Hub In Somerset

A long-standing family removals firm has opened a new purpose-built £2.8 million storage facility in Weston-super-Mare. Yeates Removals and Self Storage, which has been trading for 100 years, welcomed its first customers to the new four-four facility at Weston Gateway Business Park this week. The new premises serves both domestic and business customers and offers more than 300 self-storage units for short and long-term rental. The facility has been built to high environmental standards, has 24-hour access 365 days a year, the latest security systems, a business lounge, and plenty…

Hurstwood To Launch Self-Storage Brand In Wigan

Hurstwood Self Storage will make its debut with a 17,750 sq ft self-storage facility off Standishgate. Set on the site of a former nightclub, Hurstwood Self Storage will take over the basement, ground, and first floor of the vacant Bryan House. The upper floors of the six-storey building are set to be turned into 45 one-bedroom apartments. It will be the first foray into the self-storage market for the Manchester-based property investment and development company. Hurstwood is already planning to expand the self-storage brand and is looking to open sites…

European Real Estate Debt Fund Launched By Invesco To Include Self-Storage Lending

Invesco Real Estate, a global real estate investment manager, has launched its first European debt fund for lending across commercial sectors including self-storage. The Invesco Commercial Mortgage Income – Europe FCP RAIF (CMI Europe) plans to raise an initial €1 billion, according to the source. “As a commercial actor and a relationship-based lender, this means lending across core real estate sectors such as residential, office, and logistics, as well as alternatives such as self-storage, student accommodation, data centers, and life sciences,” said Andrew Gordon, managing director. The fund will prioritize…

Big Yellow gets Green Light For Development In Staines

Big Yellow Group PLC on Tuesday said it has received planning consent for a new site in Staines, southeast England. The self-storage company had exchanged contracts to acquire the site back in December 2020. The Surrey-based firm has received planning permission for a 65,000-square-foot store at the site. “In addition, consent was received to develop 9 industrial units totaling 99,000 sq ft,” Big Yellow added. The site has “excellent access” to Heathrow Airport and the M25 motorway, which encircles London, Big Yellow said in January 2021. “The GBP44.6 million development…

Padlock Partners UK Fund II Announces Closing Of UK Debt Financing

Padlock Partners UK Fund II (the “Trust”) announced today that it has closed a £16,015,750.65 Senior Secured Term Loan Facility (the “Facility”). The Facility is solely secured by a first, fixed legal mortgage over the properties. The Facility includes a fixed interest rate of 9.3% per annum and a 2-year maturity, prepayable immediately with no penalty. An initial drawdown of £3,868,710.91 was used to fund the current development and working capital requirements of the Trust. Further drawdowns will be used to provide funding for future development and additional acquisition(s). The…