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DPK has developed five unmanned self-storage facilities in prime locations in
"The acquisition leverages the large untapped potential for self-storage in Scandinavia as urbanization and smaller living spaces cause increasing need for external storage solutions. To enhance these opportunities, we have established a solid platform for future growth with prime locations, leveraging on a lean and operationally-focused organization to increase margins and target additional growth. We expect to further improve the utilization, efficiency and profitability as the assets become a part of the
The transaction has an enterprise value of
"The acquisition of DPK represents a significant step in expanding SSG's operations in
"The acquisition is in-line with SSG's strategy of expanding across the Nordics and SSG will continue to actively and opportunistically expand in
DPK provides self-storage units to private individuals and businesses in the Jutland region, and has a current lettable area of approximately 9 300 sqm. SSG has identified approx. 2 100 sqm of development potential at three of the facilities, and the five facilities together offer another approx. 2 300 sqm of growth potential over the longer term. The five facilities are 79% occupied and SSG targets 90% occupancy at stabilization.
Key figures*
(DKK million)
2020 | 2019 | 2018 | |
Revenues | 14.0 | 13.9 | 13.8 |
EBITDA | 6.7 | 7.2 | 6.5 |
EBITDA % | 48% | 52% | 47% |
EBIT | 6.0 | 6.5 | 5.8 |
Total assets | 114.5 | 111.0 | 112.1 |
*The unaudited key financial information from the target is converted to IFRS and adjusted to represent the entities and assets to be acquired by
**In DPK's financial statement, properties have been recorded at cost less depreciation. SSG applies fair value with changes through the profit and loss statement. Due to lack of accurate information, no changes in fair value of investment property are reflected in historical figures of the target when converted to IFRS.
For additional information, please contact:
Cecilie Hekneby, CFO, +47 99 29 38 26
About Self Storage Group|www.selfstoragegroup.no
https://news.cision.com/self-storage-group-asa/r/ssg--building-a-national-footprint-in-denmark---acquisition-of-dit-pulterkammer,c3314288
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https://mb.cision.com/Public/18224/3314288/9676826330386c8f.pdf
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