Safestore enters Netherlands market in self-storage acquisition

Safestore has formed a joint venture with Carlyle European Estate Fund to acquire self-storage company M3 Self Storage in the Netherlands.

M3 Self Storage operates six storage locations in Amsterdam and Haarlem.

Safestore will invest circa €5m (£4.5m) for a 20% equity stage in the business and will provide management services to the jv.

It said it expects to earn an initial 8% return on investment before transaction-related costs for the first full year.

In a statement released by the jv, the partnership announced it “intends to invest in further development and acquisition opportunities”.