Safestore, Nuveen Real Estate Set Up JV To Acquire Easybox - Quick Facts

(RTTNews) - 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.