Safestore and Nuveen Real Estate to acquire Easybox for €175m.

Safestore, one of the UK's largest self-storage groups, and Nuveen Real Estate, one of the largest investment managers in the world, agreed to acquire Easybox, Italy's second largest self-storage operator by number of stores, for €175m. "The acquisition of Easybox provides us and our joint venture partner Nuveen a foothold in one of Europe's most under-penetrated self-storage markets. The high quality Easybox portfolio will enable us to leverage our management expertise and delivers on our strategic aims to expand our portfolio into attractive new geographies. In line with our investment criteria, it is projected to generate 10% cash-on-cash returns on stabilisation," Frederic Vecchioli, Safestore CEO.