Self-storage provider Safestore Holdings PLC on Friday said it has agreed a deal to acquire smaller peer Space Maker for up to GBP44.4 million.
The FTSE 250-listed company said it will pay GBP43.0 million initially in cash, with a further GBP1.4 million in deferred consideration to be payable in the three years following completion, dependent on certain performance targets being hit.
Space Maker is the ninth-largest self-storage portfolio in the UK, Safestore said, with 12 stores across the country. Safestore has managed the portfolio under a management services agreement since 2010.
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