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Cityvarasto acquires new real estate in Kotka

Company News | 04.11.2020

Cityvarasto rents self-storage facilities. In 2015, the company raised over €1M in funding on Invesdor.com. Over the last five years the company has had time to increase the number of its facilities: Cityvarasto had 23 storage locations during the funding round, but now the number is already up to 42.  

Cityvarasto's latest addition is the 2,700 m2 real estate the company bought in October from Hovisaari, Kotka. Cityvarasto plans to redevelop the facilities and open self-storage facilities and other rent facilities there.  The company published the news in their recent press release (original in Finnish, translated for convenience into English):

 

"Cityvarasto Oyj has on 12 October 2020 bought a 3-storey building with 2,700 m2 floorspace in Hovisaari, Kotka at Liitulahdentie 3. The site features good access roads and is located on a highly visible location approximately 2 kilometers from the city center of Kotka. 

The building has previously served as a storage for electrical components. Originally it was built to serve as a slaughterhouse in 1954. The redevelopment of the building will commence by the end of 2020. The facilities will feature modern self-storage facilities and other spaces for rent. The self-storage facility will be the largest of its kind in the Kotka area.

Cityvarasto is a self-storage company, operating across the nation. The self-storage sector is still a young and developing business in Finland. Global trends such as urbanisation, the trend for smaller apartments and storage rooms, the large amount of things people own and the need for more space are all creating demand for self-storage facilities.

With this real estate purchase Cityvarasto is making a strong entrance to the self-storage market in Kotka and strengthens its position as a national player. After this real estate transaction, the company has 42 facilities in major cities across Finland: Helsinki, Espoo, Vantaa, Oulu, Jyväskylä, Kuopio, Lahti, Naantali, Järvenpää, Kerava, Turku, Tampere, Seinäjoki, Pori, Hämeenlinna, Rovaniemi, Porvoo, Hyvinkää and Kotka."

 

Disclaimer

The information contained herein is not meant to be, and it shall not be interpreted as investment advice or a recommendation and investors must neither accept any offer for, nor acquire, any securities unless they do so on the basis of the information contained in the applicable investment material of a target company. Investing in securities of unlisted companies is associated with high risk.

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