SSG: Last tranche of Eurobox-acquisition completed
(Oslo, 10 September 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 the acquisition of Eurobox.
We are pleased to announce that the second tranche of the acquisition was completed today. The first closing entailed all companies other than Eurobox Billingstad AS and was completed 1 July 2019. The closing condition for the second tranche was subject to the completion of a statutory demerger of the relevant real property into a legal entity.
Self Storage Group acquired Eurobox for an enterprise value of NOK 320 million, on a cash free basis, settled through a cash component of NOK 245 million and consideration shares worth NOK 75 million in Self Storage Group.
Eurobox operates four high quality climate controlled sites in the greater Oslo region, ideally located close to the main roads in the urban areas of Oslo, Asker and Drammen. Three of the facilities are freehold, and one facility has a long-term leasehold contract. Following the Eurobox Acquisition, Self Storage Group will reinforce its position as a leading self-storage provider across Scandinavia.
"Eurobox is a good strategic and geographical fit for Self Storage Group with its leading local market position. The acquisition underlines our ambitious growth strategy of increasing the Company's freehold portfolio in selected markets in Scandinavia, in addition to carry out accretive acquisitions in a fragmented market", says Martin Nes, Chairman of Self Storage Group.
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.