Safestore has entered into a 50/50 joint venture with Nuveen Real Estate to acquire Italian self-storage provider Easybox for 175 million euros. Safestore will initially invest approximately 45 million euros for its 50% share in the joint venture. The joint venture will acquire Easybox's ten stores.
Frederic Vecchioli, CEO Safestore, said: "The acquisition of Easybox provides us and our joint venture partner Nuveen a foothold in one of Europe's most under-penetrated self-storage markets."
Safestore said the investment is estimated to have a negative earnings per share impact of 0.3 pence in fiscal 2025 and is expected to be EPS accretive in fiscal 2027.
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