Safestore outperforms but challenges may lie ahead

It is not just those selling houses that stand to benefit from a surge in property transactions. Self-storage specialist Safestore (SAFE) outperformed analyst earnings expectations during 2020 as both occupancy and average store rates improved. Closing occupancy stood at 80.8 per cent at the end of October, up from 77.6 per cent on a like-for-like basis the same time the prior year. That included a record fourth-quarter performance in which 228,000 square feet of occupancy was added. Safestore has estimated that UK owner-occupied housing transactions drive around 10-15 per cent…

SELF STORAGE MARKET TRENDS

Well, one thing 2020 taught us was to expect the unexpected… Businesses across all sectors have had to learn to be flexible and adaptable to survive in a volatile, unknown world. The same applies to the self storage industry although according to the annual FEDESSA report, this is a sector that has continued to experience notable growth during the Covid-19 pandemic. We have seen some very exciting new sites as well as product innovation and the sector is attracting significant investor interest globally. However, operators also have to deal with many…

Carlyle, Safestore JV buys Dutch self-storage operator Opslag XL

The Carlyle Group and Safestore’s joint venture has invested an undisclosed amount to buy Opslag XL, a self-storage operator with three stores in The Netherlands. Opslag XL’s 75,000sqft portfolio includes two freehold locations in The Hague and Hilversum regions and one short leasehold in Amsterdam. The Carlyle Group has an 80% shareholding in the joint venture which was established in August 2019 via the €540m Carlyle Europe Realty (CER) fund, with the FTSE 250-listed Safestore holding the remaining 20% stake in the venture. This acquisition represents CER’s third add-on acquisition…

Padlock Partners UK Fund I Purchases Cinch Self Storage

Padlock Partners UK Fund I, which operates six facilities in England, acquired Cinch Self Storage in Bicester, a market town northwest of London, for £3,200,000. The three-story facility at 1 Arkwright Road opened in 2018 and comprises 25,000 square feet. Padlock operates facilities in Bicester, Chippenham, Letchworth, Leighton Buzzard, Newmarket and Wimbledon, England. Source

Edinburgh, Scotland

Market of the Month is a regular feature in List Self Storage – the idea of this series is to select and focus on a particular city or area, and then delve into StorTrack’s substantial data reserves to find some interesting and informative insights into the market from a self storage business perspective. This month, we take a look at Edinburgh – the capital of Scotland, the home to the world’s largest arts festival and a city where over 75% of the buildings are listed. The self storage industry throughout…

Acquisition Review

The Deal Recently, Storage King acquired Blackpool Self Store in Blackpool, England for £3.6 million. Storage King, which operates 29 facilities in the United Kingdom, is owned by Stor-Age Property REIT and operates the Stor-Age Self Storage brand in South Africa. The Facility Opened in 2005, the facility comprises 30,100 square feet and offers room for expansion. The facility at 20 Clifton Road is in the Tellcom Business Centre.  With data from StorTrack, we took a closer look at the market demographics to learn what made this facility an attractive…

Blackpool Self Store Sells for £3.6 Million

Storage King, which operates 29 facilities in the United Kingdom, acquired Blackpool Self Store in Blackpool, England, for £3.6 million. The facility at 20 Clifton Road is in the Tellcom Business Centre. Opened in 2005, it comprises 30,100 square feet, with room for expansion. Storage King is owned by Stor-Age Property REIT, which operates the Stor-Age Self Storage brand in South Africa. Source

New CFO Joins Self Storage Company as Plans for Growth Accelerate

Kangaroo Self-Storage, the company that makes storage simple, has made a senior financial appointment as it accelerates plans for growth as the country starts to come out of lockdown. With stores across Scotland and North West England, Kangaroo is gearing up for a period of significant business expansion through organic and acquisitive growth as well as development of the Kangaroo brand via Joint Venture partnerships and management contracts. Bryan Lee, appointed as Chief Financial Officer, joins the Board to lead the storage company’s finance and IT function and will be…

Self Storage Software Provider, Stora, Raises £0.5 Million

Industry veteran, David Milton, invests alongside venture capital firm, Techstart Ventures. Stora, a new web-first self storage software product, has raised £0.5m in a round led by Techstart Ventures to fund continued growth in the UK and US. Stora makes it easy for any self storage operator to embrace the web and run their business online. It gives them a website, designed to be their number one sales channel, that includes online bookings and payments. It automates key processes including recurring billing and customer check-in. In addition, each operator gets…

National Expansion Plans for North East Storage Specialist with New Franchising Scheme

A North East storage company has announced plans to expand nationwide as it launches a new franchise programme. U Hold The Key, based in Stockton-on-Tees, said that it has seen a “surge in demand” for self storage throughout the pandemic and has accelerated the development of its franchise plans in response. Looking Forward The company, which is a division of Parsons Containers Group, said that it expects to open its first franchised site this summer, and will expand into new territories with the scheme. It reported a 15 per cent…