SSG: Closing of property acquisitions
(Oslo, 30 August 2019) Reference is made to the stock exchange release from Self Storage Group ASA ("Self Storage Group") published on 25 June 2019 regarding inter alia property acquisitions in Oslo.
Closing of the property acqusitions in Skøyen (Hovfaret 11) and Kalbakken (Østre Aker vei 101) were subject to final purchase agreements, due diligence and board approval. We are pleased to announce that the conditions subject to closing are waived, and that the transactions were completed today 30 August 2019.
The property at Skøyen has an estimated lettable area of 3,500 m2, is located in an attractive commercial hub with a significant catchment area with higher income demographic, and has a property value of NOK 145 million. The expected rent level is above the current average for City Self Storage in Norway.
The property at Kalbakken has an estimated lettable area of 3,000 m2, has excellent visibility and easy access from the main road, and has a property value of NOK 55 million.
The acquisitions are in line with the Groups strategy to grow the freehold portfolio in the greater Oslo area.
For additional information, please contact:
Martin Nes, Chairman, +47 92 01 48 14
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 110 sites across Scandinavia with a current lettable area of 133 800 m2.