Safestore Revenue Up Despite U.K. Housing Slowdown

United Kingdom self-storage company Safestore posted 17.6 percent profit for the six months ending April 30, 2008, despite the slowdown in the U.K. housing market. Safestore's profit rose to £28.5 million from £24.2 million a year earlier. Revenue from stores that have been operating for two years or more rose 14 percent, while the average rate per square foot improved 12.4 percent to £23.55 at the end of April 2008 from £20.95 at the end of April 2007. Closing occupancy was 1.5 percent higher than a year earlier. The company's store portfolio was valued at £645 million, 10.5 percent higher than at the end of October 2007. Safestore opened six new stores during the reporting period and has an additional 13 sites lined up. For more information, visit www.safestore.com.