The property also has additional development potential. The facility is projected to open during Q2 2021. Årabrotsvegen 19 will be operated under the OK Minilager brand.
"The property is centrally located at Kvala, a few kilometers north of Haugesund city Centre. Årabrotsvegen 19 will be SSG´s third freehold facility in the Haugaland region. With this new investment, we will strengthen our position as market leader in Haugesund. This acquisition is in line with our strategy to grow our freehold portfolio in selected markets. SSG sees profitable growth potential in both large and small urban markets. There is a growing demand for self-storage in Norway, as urbanization and smaller living spaces cause an increasing need for external storage solutions”, says Fabian Søbak, Chief Executive Officer of Self Storage Group.
The transaction is expected to be closed during the 4th quarter of 2020.