Depotium Sells Initial Site for $13.8 Million
Public Storage acquired Quebec-based Depotium’s flagship facility, Cote De Liesse, in June for $13,850,000. The deal followed eight months of on-again, off-again negotiations. The facility comprises 216,000 rentable square feet and 2,400 units, making it the largest self-storage locale in Canada, according to Turan Kalfa, who founded Depotium in 1996.
Critics warned Kalfa he would never succeed in converting the old spaghetti factory into self-storage because the building was too vast and the ceilings too high. “I never used roll-up doors, I never covered the top of my lockers, and had no individual door alarms,” Kalfa says. “In 10 years, I’ve not had a single break-in or lost one item because the tops weren’t covered, and the swing doors seem to work fine.” To date, Kalfa has built Depotium into 12 operational facilities with plans to expand to 50 locations by 2010.
FEDESSA and SSAUK Appoint Officers
Bomb Material Found in London Storage
Alberta Facility Plans ExpansionLorne Wendling of RV and Indoor Self-Storage in High River, Alberta, proposed a plan to expand his existing facility, the High River Times reports. The 135-by-675 RV storage area would house approximately 200 vehicles. Wendling also wants to create a 200-by-285 area for future self-storage containers. The metal containers will be painted white to match the existing buildings and placed in three rows for a total of 54 units.
Safe Storage Plans Quick Expansion in The NetherlandsSafe Storage International BV, of The Netherlands, expects to add four properties to its portfolio of seven facilities before 2007, announced CEO Paul Logchies. The company specializes in unmanned facilities and will begin using INSOMNIAC kiosks this year. Rentals are booked at company headquarters, with part-time managers responsible for multiple facilities. In 2005, Safe Storage was the country’s fastest growing operator with the conversion of four old buildings to self-storage. The company ranks third in number of facilities, controlling about 175,000 square feet of storage space. Safe Storage operates facilities for third parties in addition to its own portfolio.
Big Yellow Profits SoarIn May, self-storage company Big Yellow Self Storage gained 121/2p, rising to 415p per share after brokerage firm Evolution Group PLC upgraded the stock, This Is Money, U.K. reports. Pretax profits soared 62 percent to £12.6 million but the revaluation gains exceeded broker expectations, delivering a book value increase of £106.2 million. With healthy development profits and further revaluation gains to come, the target price has been lifted to 500p per share.
Safestor Appoints New CEO
Safestore has appointed Neil Riding to the board of Safestor Holdings Ltd. and to the position of CEO Safestore U.K., the company reports. Riding, who joined Safestore in April, has overall responsibility for the front-end operation of the business including retail services and store development.
Big Storage Buys Manchester SiteBig Storage has purchased the former 50,000-square-foot Worthington Manufacturing site in Manchester, England, for a new self-storage and business center venture, The Manchester Evening News reports. The purchaser paid close to the £3.1 million asking price. Sole agent to the seller was King Sturge. Law firms Fox Hayes and Halliwells also advised the sale.
Storage Contributes to Canada City’s GrowthA $1.5 million, one-story mini-storage to be built by Atcan Self Storage in Moncton, New Brunswick, is one of the highlights of the record total of building permits for April. The city issued a total of 87 building permits in April, valued at $7.3 million, the Times & Transcript reports.
Motivational Guru Notes Rise in Australian StorageAustralia’s “headlong rush” to accumulate consumer goods feeds a rapidly expanding industry, commented motivational speaker Charles Kovess at the Mind Body Spirit Festival in Melbourne, Australia. “Self-storage businesses are booming,” Kovess observed. “As people’s homes overflow with all that stuff, they have to store it.” Kovess' speech was covered by the Herald Sun.