Acquisition of new property in Vågsbygd, Kristiansand (Norway)
(Oslo, May 14th 2018) Self Storage Group ASA (Self Storage Group, OSE:SSG) has entered into an agreement to acquire a property in Bråvannsløkka 1 in Vågsbygd, Norway. The property will be developed during 2018. The transaction has a property value of NOK 6,95 million, with an estimated lettable area of 750 square meters. Bråvannsløkka 1 will be SSG´s 4th freehold facility in Kristiansand, and the facility will be operated under the OK Minilager brand.
"With this acquisition we strenghten our position and become the market leader in the Kristiansand region. This acquisition is in line with our strategy to grow our freehold portfolio in selected markets. There is a growing demand for self storage in Norway, as urbanization and smaller living spaces cause an increasing need for external storage solutions. Bråvannsløkka 1 is located in the most populous district of Kristiansand, an area with limited supply of Self Storage" says Martin Nes, Chairman of Self Storage Group.
The facility will be opened during the 1st quarter of 2019. The transaction is expected to be closed during the 2nd quarter of 2018. The transaction is subject to the Sellers financing of the project.
For additional information, please contact:
Cecilie Hekneby, CFO, +47 99 29 38 26
About Self Storage Group|www.selfstoragegroup.no
Self Storage Group ASA engages in the business of renting out self storage units to both private individuals and businesses through the two concepts; OK Minilager and City Self-Storage. The company is one of the leading self storage providers in Scandinavia with a particularly strong position in the Norwegian market. Self Storage Group operates 92 facilities across Scandinavia with a total lettable area of more than 110 700 square meters.