Smedvig Capital and SelStor AB are pleased to announce that Smedvig Capital will invest Gbp15 million (175 million SEK.) in SelStor AB (or “the Company”), the newest entrant on to the emerging European self storage market.
SelStor was set up in 2006 to build and develop self storage sites across Sweden. SelStor has an exceptional management team with unique experience in the self storage sector. The Company's Managing Director, Michael Fogelberg, co-founded Shurgard Self Storage, the European market leader, in 1992. SelStor is chaired by Patrick Metdepenninghen, former CFO and co-founder of Shurgard, and includes among its directors Carl Ameln, the founder of City Self Storage.
Michael Fogelberg, Managing Director of SelStor commented: “Smedvig have chosen to partner with us in an exiting time of rapid expansion for SelStor. Their experience in property development is a valuable addition to our business strategy and we look forward to a close working relationship establishing SelStor as a leader of the European self storage market.”
Rob Toms, Managing Director of Smedvig Capital added: “Smedvig is delighted to be supporting such an outstanding team in a market with tremendous growth opportunities. We are excited about the market potential in Europe, particularly when compared with the US or even the UK. SelStor is in the process of developing an attractive portfolio of sites within a buoyant Swedish market, which will place it in a strong position to move into less developed geographies within a few years.”
The European self storage market is in its infancy, particularly when compared with the United States. There are currently 1300 self storage units across Europe, 680 of which are in the UK which equates to 0.4 sq ft per UK resident. In the United States there are 51,000 units, or 6.8 sq ft per person. This striking difference is despite fact that Europe is more densely populated, has a higher population and the drivers of demand are similar.