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UK-based Safestore Holdings enters Spanish self-storage market

Safestore Holdings PLC acquired Omb Self Storage SL for about €17.3 million on a debt-free and cash-free basis, marking the U.K.-based company's entrance into the Spanish self-storage market.

OMB Self Storage, trading as OhMyBox, operates four leasehold properties in Barcelona and one option to acquire the freehold for €4.2 million. The company was 30% owned by its current management, who will remain with the business, and 70% by a Spanish family office.

Safestore also said in its latest earnings release that it bought Fort Box Self Storage Ltd. for £14.3 million. Fort Box consists of two London stores encompassing 35,000 square feet in total in St John's Wood and Chelsea, with occupancy standing at 79% and 69%, respectively.

The company aims to rebrand the stores and has taken over operation of the sites, effective immediately.