Business
Completion of Acquisition of Stork Self Storage
Completion of Acquisition of Stork Self Storage.
About this update from Safestore Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 1775V Safestore Holdings plc 01 November 2017 \n\n1 November 2017\n \nSafestore Holdings plc\n \n(\"Safestore\" or the \"Group\")\n \nCompletion of Acquisition of Stork Self Storage (Holdings) Limited (trading as Alligator Self Storage) for £56m\n \n \nFurther to the announcement on 25 September 2017, Safestore has today completed the acquisition of Stork Self Storage (Holdings) Limited (\"SSSHL\"), the eleventh largest self-storage portfolio in the UK with 12 stores (the \"Acquisition\"). The Acquisition reinforces Safestore's position as the UK's largest self storage group by number of sites with a combined total of 120 stores, 67 of which are in London and the South East.\n \nThe SSSHL business, which had pro forma gross assets of £56.4m at 30 September 2016, has been acquired on a debt and cash free basis. The Acquisition has been funded from the Group's existing debt facilities, with 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 following completion of the Acquisition is c.35% compared to 32% at 30 April 2017 (as adjusted on a pro forma basis for the refinancing in May 2017).\n \nThe Acquisition is expected to be immediately accretive to Group earnings per share and will support the Group's future dividend capacity.\n \nFurther details of the transaction can be found in the announcement of 25 September 2017. \n \nThis announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No 596/2014 and is disclosed in accordance with the Company's obligation under Article 17 of those Regulations.\n \n \nFor further information, please contact:\n \n\n\n\n\nSafestore Holdings plc\nFrederic Vecchioli, Chief Executive Officer\nAndy Jones, Chief Financial Officer\n \n\n\nTel: 020 8732 1565\n\n\n\n\nInstinctif Partners\nMark Reed\nGuy Scarborough\n\n\nTel: 020 7457 2020\n\n\n\n\n \n \nwww.safestore.com\n \n \nAbout Safestore\n \n· Safestore, including SSSHL, is the UK's largest self-...