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Travers Smith LLP advises Safestore on a c. £400 million refinancing

Overview

Travers Smith LLP has advised longstanding client Safestore Holdings plc and its French business Une Pièce En Plus on a refinancing of its debt facilities.

The transaction involved a new multi-currency unsecured £400 million facility with a further £100 million uncommitted accordion facility, replacing its previous £250 million sterling and €70 million euro secured revolving credit facilities. Environmental, Social and Governance (ESG) KPIs are in the process of being agreed with the lenders. Once finalised, the margin under the facility will be linked to performance against the ESG targets.

Safestore is the UK's largest self-storage group with 179 stores as of 31 October 2022, comprising 130 wholly owned stores in the UK, 29 wholly owned stores in the Paris region, 5 stores in Spain, 9 stores in the Netherlands and 6 stores in Belgium. The new facility increases Safestore's funding capacity, allowing it to continue to consider strategic, value-accretive investments as and when they arise.

This refinancing is the latest in a number of matters where Safestore has instructed Travers Smith, including previous significant refinancings and US private placements dating back to 2010.

The team was led by Partner Jamie Parish and Head of Finance Danny Peel, supported by Associates Paris Taylor and Eilidh McTavish and Trainee George Kajwenge.

Danny Peel, Head of Finance commented: “Having worked with Safestore through an extended period of strong performance, we are delighted to have advised on this latest refinancing. ESG is of increasingly vital importance to real estate-backed businesses and this sustainability-linked loan reaffirms Safestore's commitment to its sustainability strategy across pillars of people, customers, community, and environment."

Morrison & Foerster (UK) LLP advised Safestore on US private placement documentation, Eversheds Sutherland (International) LLP advised Safestore on real estate matters and Jeantet advised Safestore on matters of French law. The bank syndicate was advised by Ashurst LLP and US private placement investors were advised by Akin Gump Strauss Hauer & Feld LLP.

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