Self-storage group Safestore is eyeing new sites to add to its development pipeline following what its chief executive called an “excellent” period for its UK business.
In a trading update for the first quarter, chief executive Frederic Vecchioli said the company’s new store pipeline represents more than 10% of the existing portfolio’s maximum lettable area.
The company recently gained planning permission for a store at Lea Bridge in north-east London.
“We anticipate the pipeline will continue to grow over the coming months,” Vecchioli said. “Our strong and flexible balance sheet has significant funding capacity, allowing us to continue to consider and swiftly execute strategic, value-accretive investments as and when they arise.”
The company said group-wide quarterly revenue across its sites in the UK, France and Spain stood at £50.9m, up by 14.6%, with occupancy at 80.8%.
Vecchioli said the result was driven by “excellent” trading in the UK, where revenue rose by almost 19% from a year earlier to £39.9m.
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