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Bridgepoint Plans To Cut Safestore Stake In Half

(Reuters) – Private equity firm Bridgepoint Capital Ltd, the largest shareholder of Safestore Holdings Plc (SAFE.L), said it planned to sell up to 32 million shares, or about half its stake in the British self-storage retailer.

The shares represent about a 17 percent stake in Safestore, Bridgepoint said, adding that it would continue to hold at least 17.9 percent shares in Safestore after the deal.

The investor said it would not sell further Safestore shares for 90 days from Thursday.

Bridgepoint said the bookrunner for the placing is J.P Morgan Cazenove and that the placing price would be disclosed shortly.

Safestore, which was listed initially in 1998, was taken private via a management led buyout for 39.8 million pounds ($61.0 million) by Chief Executive Steve Williams and Bridgepoint in August 2003, according to its website.

Safestore bought other self-storage companies and the new company was listed on AIM in March 2007 with an initial market capitalisation of about 449 million pounds, the company said on its website.

Shares of Safestore, which have nearly tripled in value in the past year, were trading down 8.4 percent at 139 pence at 0833 GMT on the London Stock Exchange.

($1=.6529 Pound) (Reporting by Shivani Singh in Bangalore; Editing by Anne Pallivathuckal)