Safestore has reported a 9.4% rise in revenue for the first quarter, with UK revenue up 4.3%.
In a trading update this morning, the self-storage firm said it had earned £55.7m in Q1 2023, up from £51m for Q1 2022.
Its maximum lettable area has grown by 11% over the year to 7.85m sq ft, up from just over 7m sq ft.
Safestore has a development pipeline of 1.5m sq ft, which would add 19% to the existing portfolio.
Chief executive Frederic Vecchioli said: “We anticipate the pipeline will continue to grow over the coming months.”
Safestore also has considerable vacancies in its portfolio – it is at 78% occupancy in the UK and Europe – which it anticipates will add to income.
Vecchiolli added: “Alongside our attractive development pipeline, we continue to prioritise the significant upside from filling our 1.8m sq ft of fully invested, currently unlet space.”
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