Self Storage Group

M&A Activity • Jan 21, 2021

SSG: Acquisition of the largest self-storage facility in Norway

SSG: Acquisition of the largest self-storage facility in Norway

(Oslo, 21 January 2021) Self Storage Group ASA ("Self Storage Group" or "SSG")

has entered into an agreement with Berg-Jacobsen Holding AS to acquire 100% of

the shares in Adamstuen Garasjer AS. Adamstuen Garasjer AS is the owner of the

property General Birchs gate 16 in Oslo, Norway.

SSG is currently operating out of 6 900 square meters of leased space on the

property with a current lettable area of  4 300 square meters (CLA). The

facility opened in 1993 and is operated under the City Self-Storage brand.  The

facility has an occupancy above 90% and achieves an average rent income of NOK 3

400 per CLA per year.

Adamstuen Garasjer AS has a gross area of 13 000 square meters, and operates an

underground garage in addition to rental of space to City Self-Storage Norge AS.

It is SSG's intention to expand its self-storage offering throughout the entire

building.

Key Figures*:

(NOK million) FY2020 FY2019 FY2018

Revenues 10.5 10.2 9.5

EBITDA 7.0 6.4 5.7

EBITDA % 66% 62% 59%

EBIT 5.8 5.3 4.6

Total assets 23.5 28.0 27.9

*NGAAP

"The acquisition of General Birchs gate 16 is our largest individual freehold

acquisition to-date.  The property is a good strategic and geographical fit for

Self Storage Group due to its size and unique location in central Oslo. With

this investment we convert a profitable leasehold interest into freehold

ownership, in line with our strategy to grow our freehold portfolio and to

further strengthen our position as market leader in the Oslo region. General

Birchs gate is the largest self-storage facility in Norway, and with this

acquisition we have a potential to increase CLA from 4 300 to 8 100 m2 by

converting the remaining areas of the property into self-storage", says Fabian

Søbak, CEO of Self Storage Group.

General Birchs gate 16, which is operated under the City Self-Storage concept,

is located close to the city center in an area with a higher income demographic.

There is limited supply of self-storage space and significant entry barriers in

the Central- and Western part of Oslo.

"The demand for self-storage in Norway is growing, as urbanization and smaller

living spaces are resulting in an increased need for external storage solutions.

SSG has the benefits of scale, strong brands and the unique combination of a

customer-oriented and automated business model. This acquisition enables us to

grow our footprint in the strategically important central Oslo area.", says

Steven Skaar, Chairman of Self Storage Group.

The transaction has a value of NOK 250 million and is expected to be closed

during the first quarter of 2021. The acquisition is financed with a new bank

loan from Handelsbanken and Danske Bank

For additional information, please contact:

Cecilie Brænd Hekneby, CFO, +47 99 29 38 26

About Self Storage Group|www.selfstoragegroup.no

Self Storage Group ASA engages in the business of renting out self-storage units

to both private individuals and businesses through the two concepts; OK

Minilager and City Self-Storage. The company is one of the leading self-storage

providers in Scandinavia with a particularly strong position in the Norwegian

market. Self Storage Group operates 115 facilities across Scandinavia with a

current lettable area of 146 200 m2 as of Q3 2020.