Safestore Holdings & UK Self Storage
Former Operations Director at Safestore Holdings
inpractise.com/articles/safestore-holdings-and-uk-self-storage
Safestore Holdings PLC
Why is this company interesting?
Safestore Holdings (SAFE) is the leading self storage business that operates 130 in the UK, 27 in Paris and 3 in Spain and competes with companies such as Big Yellow (BYG) and Lok’nStore (LOK). The UK has 0.7 square feet of self storage per capita compared to nearly 10 square foot in the US and only 0.2 throughout Europe. There are over 2,500 stores in the UK including ~500 which are cheaper, container stores.
Over the last 7 years, the average rate per square foot has consistently grown 2% per year and the occupancy is up from ~60% to 80% today. SAFE freehold properties earn a 6-7% exit cap rate relative to the 4% average cap rate in London.
SAFE has been a 10-bagger in the last 10 years and has over 60 stores in the pipeline to fuel future growth across Europe.
Safestore Holdings & UK Self Storage(September 23, 2021)
Dave Davies
Former Operations Director at Safestore Holdings
Interview Transcript
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