Business
Option agreed to acquire Space Maker
Option agreed to acquire Space Maker.
About this update from Safestore Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 7578R Safestore Holdings plc 11 March 2016 \n\n \n \n 11 March 2016\n \nSafestore Holdings plc (\"Safestore\" or \"the Group\")\n \nOption agreed to acquire Space Maker\n \n \nHighlights\n\n· Agreed option to acquire Space Maker, the ninth largest self-storage portfolio in the UK with 12 stores\n· £43.0m initial consideration and £1.4m deferred consideration to be funded from existing Group debt facilities\n· At the initial consideration price, the Space Maker portfolio has an implied first year net operating income yield of c.8.7%1\n· Expected to be earnings accretive from completion of the acquisition\n \nFrederic Vecchioli, Chief Executive Officer commented:\n\"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.\n\"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.\n\"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 ...