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Safestore, Carlyle Form JV To Buy Dutch Self Storage Operator M3 - Quick Facts

Safestore Holdings plc (SAFE.L), a UK-based self-storage group, announced Monday that it is forming a joint venture with Carlyle European Real Estate Fund to acquire M3 Self Storage, a Dutch operator of six prime storage locations.

In the JV, Safestore will invest in a 20 percent equity stake on completion for a consideration of about 5 million euros. It will also provide management services to the joint venture.

The cash consideration will be payable on completion of the acquisition of M3, which is expected to happen by the end of August 2019.

Safestore said it expects to earn an initial return on investment of 8 percent before transaction related costs for the first full year. This reflects the company's share of expected JV profits and fees for management services.

The transaction is expected to be earnings accretive from completion.
The company noted that the JV intends to invest in further development and acquisition opportunities.

Further, Safestore said it has completed the acquisition of a 34,000 sq ft freehold store located near Heathrow Airport for 6.5 million pounds. The transaction is expected to be immediately earnings accretive.

The company will rebrand the store and take over operation of the site with immediate effect.

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