{"id":1439,"date":"2022-12-05T16:08:20","date_gmt":"2022-12-05T16:08:20","guid":{"rendered":"https:\/\/listselfstorage.com\/uk\/industry-insights\/?p=1439"},"modified":"2022-12-05T16:08:20","modified_gmt":"2022-12-05T16:08:20","slug":"safestore-enters-german-market-through-carlyle-joint-venture","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/uk\/industry-insights\/safestore-enters-german-market-through-carlyle-joint-venture\/","title":{"rendered":"Safestore Enters German Market Through Carlyle Joint Venture"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span style=\"font-family: Arial, sans-serif;\">Safestore Holdings PLC on Friday said it entered the German self-storage market through a new joint venture with investment firm Carlyle Group Inc.<\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\">Safestore is a Hertfordshire, England-based self-storage provider.<\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\">The FTSE-250 company said the joint venture has acquired the seven-store myStorage business as well as a freehold site in Rotterdam.<\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\">Safestore&#8217;s initial investment in the joint venture is around EUR2.2 million for a 10% share. It will earn a fee for providing management services to the joint venture.<\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\">Safestore added that it expects to earn an initial return on investment of 15% for the first full year, before transaction-related costs, reflecting its share of expected joint venture profits and fees for management services.<\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\">Furthermore, Safestore said the freehold site in Rotterdam will bring its total group property pipeline to 1.5 million square feet and represents 19% of its existing portfolio.<\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\">Chief Executive Officer Frederic Vecchioli said: &#8220;Following our previous successful JV with Carlyle in the Benelux region, we have established a new German JV which has acquired the seven-store myStorage business. Germany is one of Europe&#8217;s most under-penetrated self-storage markets and I look forward to growing our presence there.&#8221;<\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\">Previously, Safestore entered the Benelux market in 2019 through a joint venture with Carlyle.<\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\">In March 2022, Safestore acquired all of the joint venture in the Benelux region that it formed with Carlyle Europe Realty, a real estate opportunistic fund managed by Carlyle. Safestore had owned 20% of the joint venture, with Carlyle Europe Realty owning the rest.<\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\">Safestore shares were up 0.6% to 931.00 pence on Friday morning in London.<\/span><\/p>\n<p><a href=\"https:\/\/www.morningstar.co.uk\/uk\/news\/AN_1669972054807651700\/safestore-enters-german-market-through-carlyle-joint-venture.aspx\"><strong>Source<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Safestore Holdings PLC on Friday said it entered the German self-storage market through a new joint venture with investment firm Carlyle Group Inc. Safestore is a Hertfordshire, England-based self-storage provider. The FTSE-250 company said the joint venture has acquired the seven-store myStorage business as well as a freehold site in Rotterdam. Safestore&#8217;s initial investment in the joint venture is around EUR2.2 million for a 10% share. It will earn a fee for providing management services to the joint venture. Safestore added that it expects to earn an initial return on&hellip;<\/p>\n","protected":false},"author":13,"featured_media":1441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,5],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/1439"}],"collection":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/comments?post=1439"}],"version-history":[{"count":1,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/1439\/revisions"}],"predecessor-version":[{"id":1442,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/1439\/revisions\/1442"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media\/1441"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media?parent=1439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/categories?post=1439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/tags?post=1439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}