Self Storage Group ASA – Acquisition of property in Copenhagen, Denmark
(Oslo, November 5th 2020) Self Storage Group ASA (Self Storage Group, OSE:SSG) has entered into an agreement to acquire a property in Hjørnagervej 10 in Copenhagen, Denmark. The transaction has a property value of DKK 25.9 million, with a lettable area of 2 600 square meters. The property is currently a City Self-Storage leasehold with an annual lease cost of DKK 2.0 million (2020).
"The property is centrally located at Hvidovre, just outside of Copenhagen City Centre. City Self-Storage has rented the property since 2005. With this acquisition we convert a profitable leasehold with stabilized occupancy close to 90% into a freehold facility. This investment is in line with our strategy to grow our freehold portfolio in selected markets”, says Fabian Søbak”, Chief Executive Officer of Self Storage Group.
The transaction is expected to be closed during the 4th quarter of 2020.
The fair value of Self Storage Groups´s freehold investment properties was NOK 1 250 million at the end of the third quarter 2020 and the loan to value of freehold investment property was 44%. Self Storage Group operates 115 facilities across Scandinavia with a current lettable area of 146 200 m2.
For additional information, please contact: Cecilie Brænd 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 115 facilities across Scandinavia with a current lettable area of 146 200 m2 as of Q3 2020.