SSG: Acquisition of landmark property in Oslo, Norway
(Oslo, 21 December 2018) Self Storage Group ASA (Self Storage Group, OSE:SSG) announces the acquisition of a landmark development property centrally located by the main highway in Oslo, Norway. The transaction has a value of NOK 42.5 million and Self Storage Group will develop the plot into a 7,000 m2 purpose-built flagship self-storage facility.
“Self Storage Group is proud to announce the acquisition of our new flagship development property in Oslo, centrally located at Alnabru and highly visible from E6, one of the busiest highways in Norway. We will develop a landmark 7,000 m2 purpose-built self-storage facility at the plot and further strengthen our position as market leader in the Oslo region. The acquisition is in line with our strategy to grow our freehold portfolio in selected markets,” says Martin Nes, Chairman of Self Storage Group.
Breivollveien 25 B/C is located close to the city centre in an area of Oslo that is prioritised as a main residential development area towards 2030, with 200,000 residents within a 4 km radius and with plans for a metro line extension. The property will be developed into a 7,000 m2 purpose-built self-storage facility under the City Self Storage brand.
“The demand for self-storage in Norway is growing, as urbanization and smaller living spaces cause an increasing need for external storage solutions. This new property ticks all the boxes on our expansion strategy," says Nes.
The transaction has a value of NOK 42.5 million and is expected to be closed during the first quarter of 2019. The planned development of the property is subject to final building permits.
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. As of 21 December 2018, Self Storage Group operates 99 sites across Scandinavia with a current lettable area of more than 115,600 square meters.
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