2 April 2013
Safestore Holdings plc
("Safestore" or "the Company")
Confirmation of REIT status
Further to the resolution passed at the Company's general meeting on 20 March 2013, which amended the Company's Articles of Association, Safestore today confirms that it has elected for REIT status from 1 April 2013.
The REIT regime enables Safestore to benefit from a zero corporation tax rate on its UK self storage rental income. It continues to be liable to corporation tax on the residual UK business comprising primarily ancillary revenues, derived from the sale of contents insurance, storage accessories and miscellaneous items. The election for REIT status does not affect the liability of the business in Paris to local French taxation.
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For further information, please contact:
College Hill T: 020 7457 2020
Matthew Smallwood
Justine Warren
Mark Reed
Notes to editors:
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Safestore is the UK's largest self storage group with 135 stores. They include 98 wholly owned stores in the UK and 25 wholly owned stores in the Paris region together with 12 stores under management in the UK. |
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The Company provides storage to around 44,200 personal and business customers. |
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Safestore (excluding Space Maker) has a maximum lettable area ("MLA") of 5.24 million sq ft (including the expansion pipeline stores) of which 3.18 million sq ft is currently occupied. |
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A strong balance sheet and operational cash flow allow Safestore to invest in continual improvements in the operational performance of its stores, in new store development and acquisitions where appropriate. |
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Safestore employs around 550 people. |
