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    “I am pleased to report another strong performance for the year, with solid trading and significant strategic progress. The Group’s outright acquisition of OhMyBox and the investment in M3 through our joint venture with Carlyle represent excellent platforms for entry into the attractive Barcelona and Netherlands self storage markets. In addition to the acquisitions and integration of Fort Box and our Heathrow store, we have also opened new stores in Peterborough and Birmingham Merry Hill in the UK and Pontoise in Paris.
 
“Further to our successful openings this year, we plan to open new stores in London Carshalton, Gateshead, Sheffield and Paris Magenta (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 ten 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.


“Over the last six years we have grown the occupancy of a same-store portfolio from 63% to 78%. As ever, our top priority remains the significant low cost organic growth opportunity represented by the 1.5m square feet of currently unlet space in our existing fully invested estate. The Company is in a very strong position and we are encouraged by early trading in the new 2019/20 financial year. Our leading market positions in the UK and Paris combined with our resilient business model enable us to look forward to the future with confidence.”
Frederic Vecchioli, Chief Executive Officer (January 2020)
 
 

Overview

“I am delighted to join the Board of Safestore and am pleased to announce, on behalf of the Board of the Group, a solid set of results for the year ended 31 October 2019.
 
Our purpose remains simple, to continue to add stakeholder value by developing profitable and sustainable spaces that allow individuals, businesses and local communities to thrive. Our strategy is underpinned by our values, our behaviours and our governance structure which shape our culture and remain central to the way we conduct our business. 

Over the past year the Group has made further strong strategic progress. The twelve new stores opened over the last four years are all performing at least in line with their business plans. Fort Box Self Storage and our Heathrow store, acquired in November 2019 and July 2019 respectively, are being integrated into the business and we have a pipeline of four new sites, adding 175,000 sq ft of further capacity, opening over the next twelve months. 

Management’s priority remains on the existing store portfolio and filling the 1.5m sq ft of available capacity, building on the operational improvements made over the previous six years. 

Our new joint venture1 with Carlyle and our OhMyBox acquisition in Barcelona provide us with exciting platforms for entering into new attractive geographies. M3 in the Netherlands, acquired by the joint venture1 with Carlyle, is performing well and we expect that Safestore’s highly scalable platform will allow us to take advantage of further opportunities in due course. Barcelona and Spain are attractive markets for self-storage and the Group’s outright acquisition of OhMyBox on 30 December 2019 is expected to be immediately accretive to earnings.”

1 – The joint venture with Carlyle, which represents a 20% investment, has been accounted for as an associate using the equity method of accounting, as described in the “Investment in associates” note to the financial statements.


 
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