Safestore focuses on filling up 1.4mln square feet of unlet space

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Safestore Holdings PLC (LON:SAFE) said its priority is filling the 1.4mln of fully invested currently unlet space in its UK, Paris and Barcelona markets.

The self-storage provider said its recently opened developments in the UK in Carshalton, Sheffield and Gateshead are performing well and the Birmingham Middleway and Paris Magenta stores are due to open in the first half of 2021.

READ: Safestore highlights record occupancy and improved trading momentum

The new store pipeline is expected to grow over the coming months despite the potential for disruption arising from current COVID-19 restrictions.

Chief executive Frederic Vecchioli said in a statement full-year adjusted diluted earnings per share should come in at the top of the 31.2-34.6p range estimated by analysts.

In its first quarter ending January 31, the FTSE 250 group posted an 8% jump in like-for-like revenue to £42mln, with closing occupancy up 10% at 5mln square feet or 80% of maximum lettable area.

It also added the three-store portfolio of Opslag XL in the Netherlands acquired as a joint venture with Carlyle in December has been “immediately” accretive to earnings per share from completion, and will support the group’s future dividend capacity.

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