24th Nov 2022 09:44
(Alliance News) - Safestore Holdings PLC on Thursday said its fourth quarter revenue was up, while it announced new sites across Europe.
The Hertfordshire, England-based self-storage provider said revenue in the three months that ended October 31 amounted to GBP56.8 million, up 11% from GBP51.1 million a year prior. Like-for-like revenue was up 5.5% to GBP53.5 million from GBP50.7 million.
It also confirmed a host of new sites were secured across Europe since its third quarter announcement, including three new sites in the UK, two in Paris, one in Spain and two in the Netherlands. Planning permissions have been granted for its sites in eastern Madrid and northern and southern Barcelona.
Safestore's property pipeline is now around 1.4 million square feet of space, or 18% of its existing property portfolio.
"After a significant level of acquisition and development activity over the last six years, we still have 1.4 million square feet of fully invested currently unlet space in our UK, Paris, Spain and Benelux markets in addition to 1.4 million of pipeline space. Our most significant upside opportunity is from filling our existing unlet space, and that remains our priority," said Chief Executive Officer Frederic Vecchioli.
Safestore also said it refinanced its revolving credit facilities with a new four-year increased GBP400 million unsecured multi-currency facility with two one-year extension options. Margins remain at 1.25% in line with previous RCFs, while all facilities are now unsecured.
Shares in Safestore were up 2.9% to 950.50 pence in London on Thursday morning.
By Greg Rosenvinge; [email protected]
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