Larry Lipman’s Safeland has formed a joint venture with Italian investment group KDC to operate a self-storage business in Europe.
The British property company will pay ¬400,000 (£235,294) for a 51% stake in the new company, Espazio, which will be incorporated in Italy. KDC will hold the balance of the shares. Safeland also said that it will be able to provide Espazio with extra loan capital of up to ¬5m (£2.9m), as and when required.
As a result of the joint venture, Catherine McEwan, the former managing director of Safestore, has rejoined Safeland. Espazio’s board of directors will consist of McEwan, KDC’s investors and two Safeland directors, Larry Lipman and Paul Davis.
The new board intends to recruit a team of personnel to run the day-to-day affairs of Espazio.
EGi News 03/07/01
