Safestore has formed a 50/50 joint venture with Nuveen Real Estate to purchase the Italian self-storage company Easybox for €175 million. Safestore's initial investment in this venture will be approximately €45 million for its 50% stake. This joint venture aims to acquire Easybox's ten storage units.
According to Safestore's CEO, Frederic Vecchioli, "The acquisition of Easybox offers us and our partner, Nuveen, an entry point into one of Europe's most untapped self-storage markets."
Safestore projects that this investment may lead to a slight decrease of 0.3 pence in earnings per share in the fiscal year 2025, but anticipates it will contribute positively to earnings per share by the fiscal year 2027.