Self storage group Safestore reports strong performance

February 16, 2021



The flexibility of the self storage sector has meant that it can adapt quickly to changing macro-economic circumstances. Throughout the current pandemic, the industry has demonstrated remarkable resilience, with rental incomes and occupancy levels remaining stable.  

This week storage group Safestore stated that their full-year earnings are likely to hit the top end of expectations following strong trading in the first quarter, driven by an “excellent” UK result.

Group revenue was up 9.8 per cent and like-for-like sales were up 6.6 per cent, with a 8.3 per cent surge in UK sales.

Occupancy increased 6.8 percentage points, reaching 80.6 per cent. However like-for-like average rates dipped 0.9 per cent during the quarter ended 31 January.

The UK – where Safestore has recently opened sites in Carshalton, Sheffield and Gateshead – performed “very strongly”, with regional sites slightly out-performing London and the south east.

The company stated that it anticipates its pipeline growing over the current months, and will “consider strategic, value-accretive investments as and when they arise”.

Safestore said that – if current momentum continues – it expects earnings per share for the year to be towards the top range of analyst forecasts.

Frederic Vecchioli, Safestore chief executive, commented: “I am pleased to report that the strong performance of the final quarter of our 2020 financial year has continued throughout the first quarter of 2021 driven by an excellent UK result, complemented by solid performances from Paris and Spain. In addition, our JV with Carlyle, operating in Belgium and the Netherlands, is performing in line with its business plan.”

“Whilst the potential for disruption arising from current Covid restrictions remains, the inherent resilience of our business model as well as our recent and current trading allows me to look forward with confidence.”


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