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LONDON (Alliance News) - Self-storage provider Safestore Holdings PLC on Friday said it has agreed a deal to acquire smaller peer Space Maker for up to GBP44.4 million.
The FTSE 250-listed company said it will pay GBP43.0 million initially in cash, with a further GBP1.4 million in deferred consideration to be payable in the three years following completion, dependent on certain performance targets being hit.
Space Maker is the ninth-largest self-storage portfolio in the UK, Safestore said, with 12 stores across the country. Safestore has managed the portfolio under a management services agreement since 2010.
It said the deal will reinforce its position in the self-storage market, boosting its London and south east of England presence further.
"With the acquisition of our new freehold site to the east of Paris in Marnes-la-Vallée, which we announced last month, these transactions demonstrate our ability to take advantage of selected development and acquisition opportunities, supported by our strong balance sheet," said Frederic Vecchioli, Safestore's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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