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RNS - Self Storage Group ASA - Acquisition of new property in Oslo, Norway

Company: Self Storage Group Date: 2020-02-04 Language: English Register to download

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 Self Storage Group ASA - Acquisition of new property in Oslo, Norway

# Self Storage Group ASA - Acquisition of new property in Oslo, Norway

(Oslo, 4 February 2020) Self Storage Group ASA (Self Storage Group, OSE: SSG or  

the "Company") has entered into an agreement with Wessel-Invest AS to acquire  

Ulven P28 AS (the "Target"). The Target is the owner of Persveien 28 Ulven,  

Oslo.  

  

The transaction has a property value of approx NOK 47 million. The property  

value is payable on closing of the transaction in shares of SSG. The  

consideration shares shall be issued at a subscription price equal to a ten day  

weighted average quoted price prior to signing of the agreement, being NOK 27.47  

per share. The property value shall subsequently be adjusted for cash and debt  

at closing. Closing of the transaction is subject to ordinary conditions,  

including confirmation of waiver of certain redemption rights pertaining to the  

property.  

  

The property has a gross area of approx. 4,000 square meters, and is centrally  

located at Ulven in Oslo, in close proximity to the main thoroughfare E6. This  

acquisition is fully in line with SSGs strategy to grow its freehold portfolio  

in selected markets in order to capitalize on the Company's view that  

urbanization and smaller living spaces, particularly in the larger cities, will  

continue to cause an increasing need for external storage solutions.  

  

  

  

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. As of Q3 2019 Self Storage Group operates 110 sites across Scandinavia  

with a current lettable area of 134 900 square meters.