Europe/UK Self-Storage Operator Safestore Announces Financial Results for 2024 Fiscal YearEurope/UK Self-Storage Operator Safestore Announces Financial Results for 2024 Fiscal Year

ISS Staff

January 20, 2025

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Self-storage operator Safestore Holdings PLC, which has locations in Europe and the United Kingdom, has released its financial results for the fiscal year that ended Oct. 31. Overall, the company reported stabilized revenue, according to the release.

“We have delivered resilient operating performance in challenging market conditions and have made good progress on our strategic priorities,” said CEO Frederic Vecchioli. “Over the year, the group’s revenue stabilized with improving performance in the U.K., supported by solid results in Paris and strong growth in our expansion markets.”

Safestore reported a 13.6% increase in property revaluation for the year, including investment properties under construction, to £3.2 million. Group revenue grew 1.1% at constant exchange rate year-on-year.

The company opened 10 facilities and expanded five more for a total of 386,000 rentable square feet. Its development pipeline includes 26 projects with an anticipated total of 1.3 million square feet. Safestore also acquired a 19,800-square-foot facility in London, one in Manchester, England, and another in Paris.

Earlier this month, Safestore and American asset manager Nuveen Real Estate formed an evenly split joint venture to acquire Italian self-storage provider Easybox for €175 million. The portfolio of 10 operating facilities and two in-progress developments comprises 780,000 square feet.

Related:Sirius Real Estate Ltd. Hires Former Shurgard Executive as Self-Storage Property Director

Safestore operates 220 self-storage facilities in Belgium, France, Italy, the Netherlands, Spain and the U.K. Its properties comprise more than 8.5 million square feet of storage space and serve approximately 90,000 customers. 

Source: Safestore Holdings PLC, Final Results

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