SSG: Market update regarding covid-19
(Oslo, 20 March 2020) Self Storage Group ASA (Self Storage Group, OSE: SSG) has implemented measures to safeguard customers and employees following the novel coronavirus, covid-19. The company is continuously monitoring the latest developments and currently experiences limited business impact. Self Storage Group has a solid financial position and reiterates the positive short- and long-term outlook.
“In this unprecedented situation, our number one priority is the health and safety for our colleagues and customers. We have implemented measures across our business, and our self-storage facilities will continue to be open as usual for both existing and new customers. Our self-serviced and digitalised offering is by nature a safe and flexible solution for our customers. For the time being, business impact is very limited,” says Fabian Søbak, Chief Executive Officer of Self Storage Group.
Self Storage Group operates 112 sites across Scandinavia and has implemented several safety routines, such as travel restrictions for all employees, remote offices and more frequent facility disinfections. A management task force is continuously monitoring the latest development and is implementing mitigating measures on a day-to-day basis.
Self Storage Group has a solid balance sheet and a strong cash position. The loan-to-value-ratio of freehold investment property (LTV) is 36% per 20 March 2020 and the company has a flexible agreement to potentially extend the debt financing to 60% LTV.
“Our management task force is evaluating all business development activities on a daily basis in this challenging time for our societies, but we remain confident in the robustness of our offering and balance sheet. We reiterate our strong short- and long-term market outlook, but follow the situation closely,” Søbak concludes.
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 112 sites across Scandinavia with a current lettable area of 140 000 square meters.