Safestore is the UK’s largest self-storage group with 134 stores.

They include 97 wholly owned stores in the UK including 58 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool and Bristol, together with 12 Space Maker stores under management in the UK and 25 wholly owned stores in the Paris region.

Safestore was founded in the UK in 1998. It acquired the French business “Une Pièce en Plus” in 2004 which was founded in 1998 by the current Safestore Group CEO Frederic Vecchioli.

Safestore has been listed in the London Stock exchange since 2007.

The Group provides storage to almost 46,000 personal and business customers.

Safestore (excluding Space Maker) has a maximum lettable area (“MLA”) of 5.1 million sq ft (excluding the expansion pipeline stores) of which 3.32 million sq ft is currently occupied.

Safestore employs around 550 people in the UK and France.

Safestore’s shares trade on the main market of the London Stock Exchange with the ticker SAFE.

Financial calendar

2015

22 January 2015 Preliminary results for the year ended 31 October 2014
February 2015 Publication of Annual Report and Accounts 2014
February 2015 Interim Management Statement
March 2015 Annual General Meeting
April 2015 Half Year End 2014/2015
June 2015 Interim results
September 2015 Interim Management Statement

http://www.safestore.com/

25 Feb Investec 424.00 Buy
25 Feb Liberum Capital 430.00 Buy
25 Feb Peel Hunt 330.00 Hold

Ex dividend 10th March Safestore Holdings PLC (6.7 P)

Option agreed to acquire Space Maker
RNS
RNS Number : 7578R
Safestore Holdings plc
11 March 2016





11 March 2016



Safestore Holdings plc ("Safestore" or "the Group")



Option agreed to acquire Space Maker





Highlights



· Agreed option to acquire Space Maker, the ninth largest self-storage portfolio in the UK with 12 stores

· £43.0m initial consideration and £1.4m deferred consideration to be funded from existing Group debt facilities

· At the initial consideration price, the Space Maker portfolio has an implied first year net operating income yield of c.8.7%1

· Expected to be earnings accretive from completion of the acquisition



Frederic Vecchioli, Chief Executive Officer commented:

"I am pleased to announce that we have signed an option agreement to acquire the 12 store Space Maker business, which is expected to be earnings accretive from the completion of the acquisition. We have a strong operational knowledge of Space Maker, having managed the business since 2010 under a management services agreement.

"With the acquisition of our new freehold site to the east of Paris in Marnes-la-Vallée, which we announced last month, these transactions demonstrate our ability to take advantage of selected development and acquisition opportunities, supported by our strong balance sheet.

"Following these acquisitions, and the openings of our new stores at Chiswick, Birmingham and Wandsworth later this year, Safestore will have a total of 134 stores, of which 109 are in the UK and 25 in Paris, consolidating our leading positions in both markets."

Space Maker option

Safestore is pleased to announce it has entered into a put and call option agreement to acquire Space Maker Stores Ltd ("SMS") from Allodial Capital Ltd and James Elton (the "Vendors"). An initial consideration of £43.0m less certain downward adjustments to the enterprise value ("initial consideration") will be payable in cash on completion of the acquisition. Up to £1.4m of deferred consideration ("deferred consideration") may become payable in cash between six months and three years from the date of completion, subject to the SMS business achieving certain performance targets during that period.

SMS is the ninth largest self-storage portfolio in the UK with 12 stores located in Bournemouth (two stores), Colchester, Redhill, Romford, Brentford, Chelmsford, Exeter, Leeds, Plymouth, Portsmouth and Poole, and has a built out lettable area of c.496,000 sq ft. Six of the SMS stores are freehold or long leasehold and six are leasehold stores with an average remaining lease length of 16.6 years.

Safestore has a strong operational knowledge of the SMS portfolio, having managed the SMS business since 2010 under a management services agreement ("MSA"). The MSA, for which Safestore received £0.6m per annum, was due to expire at the end of April 2016. It will now continue until completion of the acquisition.

This acquisition will reinforce Safestore's position as the leading operator in the UK by number of stores with a combined total of 109 stores2, 63 of which will be in London and the South East. The SMS portfolio is currently operating at 61% occupancy (of built out lettable area) which Safestore believes it can improve once fully integrated into its own operational platform.

In the year to 30 April 2015, SMS delivered EBITDA (before management fees) of £3.4m on turnover of £8.2m. At the initial consideration price, the SMS portfolio has an implied first year net operating income yield of c.8.7%1 before the impact of management charges which would rise to c.12% if the SMS stores achieve 80% occupancy at today's rental rate levels.

The SMS business, which had pro forma gross assets3 of £45.6m at 30 April 2015, will be acquired on a debt free basis with the total consideration (comprising the initial consideration and, if applicable, the deferred consideration) expected to be c.£44.4m. The acquisition will be funded from the Group's existing debt facilities, with £45m of the Group's £60m accordion facility converted into a committed revolving credit facility. On a pro forma basis, the Group's Loan to Value ratio post completion of this acquisition would be c.36% compared to 32% at 31 October 2015.

The acquisition is expected to be immediately accretive to Group earnings per share from completion and will support the Group's future dividend capacity.

The call option can be exercised by Safestore at any time during the next two years and, similarly, the put option can be exercised by the Vendors at any time over the same two year period, conditional upon the conclusion of certain property related matters which are expected to be finalised in the next twelve months. A further announcement will be made following exercise of the call option by Safestore or the put option by the Vendors.

Ends

Notification of Interim Results

RNS


RNS Number : 4095U

Safestore Holdings plc

06 April 2016




Safestore Holdings plc



Notification of Interim Results





Safestore Holdings plc will be announcing its Interim results for the six months ending 30 April 2016 on Thursday, 16 June 2016.

5 May Liberum Capital 430.00 Buy

Interim results

Safestore Holdings PLC (SAFE:LSE) set a new 52-week high during today's trading session when it reached 378.00. Over this period, the share price is up 37.96%

Safestore to complete Space Maker deal

StockMarketWire.com

Self-storage provider Safestore (SAFE) said it will complete the acquisition of Space Maker Stores (SMS) by 29 July for £44.4 million.

The acquisition is expected to be immediately accretive to group earnings per share from completion and will support future dividend capacity.

An initial consideration of £43m less certain downward adjustments to the enterprise value will be payable in cash on completion of the acquisition.

Up to £1.4m of deferred consideration may become payable in cash between six months and three years from the date of completion, subject to the SMS business achieving certain performance targets during that period.

Safestore has a strong operational knowledge of the SMS portfolio, having managed the business since 2010 under a management services agreement for which Safestore received £0.6m per annum.

The SMS portfolio was operating at 62% occupancy (of built out lettable area) at the end of April 2016, which Safestore believes it can improve once fully integrated into its own operational platform.

In the year to 30 April 2016, SMS delivered EBITDA (before management fees) of £3.9m on a turnover of £8.7m.

At the initial consideration price, the SMS portfolio has an implied first year net operating income yield of c.9.4% before the impact of management charges, which would rise to c.12% if the SMS stores achieve 80% occupancy at today's rental rate levels.

The SMS business, which had pro forma gross assets of £45.6m at 30 April 2015, will be acquired on a debt free basis with the total consideration expected to be c. £44.4m.

The acquisition will be funded from the group's existing debt facilities, with £45m of the group's £60m accordion facility converted into a committed revolving credit facility.

On a pro forma basis, the group's loan to value ratio post completion of this acquisition would be c.34% compared to 30% at 30 April 2016. Story provided by StockMarketWire.com

12 Jul Berenberg 405.00 Buy

Third quarter trading update

Highlights


· Like-for-like Group revenue for Q3 2016 in CER1 up 6.6% on Q3 2015 with a particularly strong UK performance

o UK up 7.5%

o Paris up 2.3%

· Group closing occupancy3 of 74.8% (up 2.6 ppts on Q3 2015) at 3.69 million square feet ("sq ft") with strong UK performance

· Group average storage rate up 2.3% in CER1 in the quarter

· Completion of the Space Maker acquisition on 29 July 2016

12:30 01/11/2016
Broker Forecast - Liberum Capital issues a broker note on Safestore Holdings PLC
Liberum Capital today reaffirms its buy investment rating on Safestore Holdings PLC (LON:SAFE) and raised its price target to 475p (from 450p). Story provided by StockMarketWire.com

Q4 Trading update

17 Nov
Numis
451.00
Add

Financial calendar
Date
Description
 
 
9 January 2017
Preliminary results for the Financial Year ended 31 October 2016
February 2017
Publication of Annual Report and Accounts 2016
February 2017
Interim Management Statement
March 2017
Annual General Meeting
April 2017
Half Year End 2016/2017
June 2017
Interim results
September 2017
Interim Management Statement
October 2017
Financial Year End 2016/2017
November 2017
Post-close trading update for the fourth quarter ended 31 October 2017

Final results Monday 9 Jan - should be good.

StockMarketWire.com
Safestore Holdings has seen its FY pretax profit fall 19.7% to £94.9m, from £118.2m previously. Revenue was £112.5m, from £102.3m.

Dividend per share was 11.65p, from 9.65p.

"The Group has delivered another strong financial year, building on the improvements made to its operating performance over the last three years. Over this three year period, we have grown EPS6 by 78% and increased our dividend per share by over 100%," said CEO Frederic Vecchioli.

"During the last twelve months we have also strengthened our market leading positions in the UK and Paris with the acquisition of Space Maker in the UK and the opening of five new stores.

"As we enter the new financial year, we continue to see good levels of interest in self-storage and remain focused on the significant opportunity represented by our 1.62m square feet of currently unlet space.

"In addition, our balance sheet capacity and flexibility allows us to continue to seek selected development and acquisition opportunities. The company is in a strong position and we look forward to the future with confidence."

12:50 11/01/2017
Broker Forecast - Numis issues a broker note on Safestore Holdings PLC
Numis today upgrades its investment rating on Safestore Holdings PLC (LON:SAFE) to buy (from add) and set its price target at 476p. Story provided by StockMarketWire.com

13 Feb
Liberum Capital
475.00
Buy

First quarter trading update

Highlights
 
·      First quarter Group total revenue in CER1 up 13.3% with like-for-like revenue in CER up 4.7%
·      UK total revenue up 15.9% bolstered by the recent four new store openings and the Space Maker acquisition
·      UK like-for-like revenue up 4.9%
·      Paris revenue in CER1 up 4.6%

21 Feb
Numis
476.00
Buy
21 Feb
Liberum Capital
475.00
Buy