Safestore Holdings plc stock (GB00B1N7Z094): 2024 annual results and Italy expansion

Safestore Holdings plc released its 2024 annual report in early 2025, showing 1.1% revenue growth at constant exchange rates alongside new store openings and a strategic move into Italy announced December 2024.

Safestore Holdings plc, Europe's leading self-storage operator, published its 2024 Annual Report & Accounts, highlighting steady revenue growth of 1.1% at constant exchange rates (CER) for the year, according to Safestore corporate site as of 2025. The company opened 10 new stores and extensions adding 386,000 sq ft of lettable area during 2024, with five more post-year-end and a pipeline of 26 additional stores representing 16% of the existing portfolio. In December 2024, Safestore announced plans to enter the Italian market, expanding beyond its UK and Paris core, per RNS announcements as of 24/12/2024.

As of: 14.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: Safestore Holdings plc
• Sector/industry: Real estate / Self-storage
• Headquarters/country: United Kingdom
• Core markets: UK, France, Italy (expansion)
• Key revenue drivers: Storage occupancy, pricing, new store openings
• Home exchange/listing venue: London Stock Exchange (SAFE.L)
• Trading currency: GBP

Safestore Holdings plc: core business model

Safestore Holdings plc operates as Europe's largest self-storage provider, focusing on high-density urban locations in the UK and Paris, with over 170 stores as reported in its fiscal 2025 update published March 2025, according to Ad-hoc-news.de as of 2025. The company follows a REIT-like model, generating revenue primarily from monthly rental fees for flexible storage solutions serving residential customers, movers, renovators, and small businesses. High occupancy rates, such as 98% in the half-year to October 31, 2025 per December 2025 results, underscore demand stability.

Expansion remains central, with the 2024 report detailing 10 new stores and a robust pipeline, positioning Safestore for growth in fragmented markets. This model benefits from recurring revenue and low capital intensity once facilities are established.

Main revenue and product drivers for Safestore Holdings plc

Key drivers include storage occupancy, pricing power, and new store openings, as emphasized in the 2024 annual report with 1.1% CER revenue growth, per Safestore IR as of 2025. Urban demand from businesses and consumers supports premium pricing, while lettable area expansions like the 386,000 sq ft added in 2024 directly boost top-line potential. The February 2025 first-quarter trading update further indicated ongoing momentum.

Product offerings focus on flexible units for short- and long-term needs, with ancillary services enhancing yields. Italy entry announced 24/12/2024 diversifies geographic revenue beyond UK (majority) and France.

Industry trends and competitive position

The self-storage sector exhibits resilience due to urbanization and e-commerce, with Safestore leading in the UK and Paris markets. Its focus on prime locations provides a competitive edge over smaller operators, as noted in fiscal 2025 reporting. The 2024 report's Platinum Investors in People accreditation highlights strong internal culture supporting execution.

Why Safestore Holdings plc matters for US investors

Safestore Holdings plc offers US investors exposure to Europe's stable self-storage market via its London Stock Exchange listing (SAFE.L), trading in GBP. With urban demand mirroring US trends, it provides diversification into REIT-like assets less correlated with US tech volatility, relevant amid global real estate interest.

Conclusion

Safestore Holdings plc demonstrated solid execution in 2024 with revenue growth, store expansions, and the Italy market entry, building on high occupancy and urban focus as per recent reports. Major shareholders like BlackRock (9.82% as of 11/12/2024) signal institutional interest. Investors track pipeline progress and European demand amid economic shifts.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.