Cityvarasto is planning an initial public offering and listing on Nasdaq First North Growth Market Finland
16 september, 07:00
Cityvarasto Oyj Press release 16 September 2025 at 8.00 am EEST
Cityvarasto is planning an initial public offering and listing on Nasdaq First North Growth Market Finland
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SOUTH AFRICA OR SINGAPORE, OR ANY OTHER JURISDICTION IN WHICH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Cityvarasto Oyj ("Cityvarasto" or the "Company"), a Finnish company providing self-storage units and ancillary services, announces that it is planning an initial public offering (the "IPO") and a listing of its shares on Nasdaq First North Growth Market Finland.
The objective of the IPO is to enable Cityvarasto to pursue its growth strategy and to improve its strategic flexibility. The listing would also enable Cityvarasto to access the capital markets and broaden its ownership base both with domestic and foreign investors, which would increase the liquidity of its shares. Furthermore, the IPO is expected to benefit Cityvarasto operationally (e.g., in recruiting and by making Cityvarasto a stronger and more credible partner), strengthen Cityvarasto's recognition among its customers, prospective employees and investors, and in the real estate and rental markets in general, thus enhancing Cityvarasto's competitiveness. The listing and increased liquidity would also enable Cityvarasto to use its shares more effectively as consideration in potential acquisitions and remuneration of personnel.
The contemplated IPO is expected to consist of a share sale by certain existing shareholders of Cityvarasto and of a share issue by the Company of approximately EUR 15 million (gross proceeds). The Company's current largest shareholders will remain as major owners also after the contemplated IPO. The proceeds from the share issue are intended to be used for supporting Cityvarasto's growth strategy, including facility acquisitions and development projects, mergers and acquisitions, as well as other growth investments, and for the Company's general corporate purposes.
Elo Mutual Pension Insurance Company, Odin Eiendom, certain funds managed by SP-Fund Management Company, SKAGEN Funds, Takoa Invest and Biomerit, a company controlled by the chairman of Cityvarasto's Board of Directors Aki Kostiander, (together the "Cornerstone Investors") have each individually committed to subscribe for shares in the Company amounting, in total, to approximately EUR 20 million in the contemplated IPO, subject to certain conditions and on the condition that the maximum valuation of all shares in the Company does not exceed EUR 120 million (before any proceeds from the share issue).
Ville Stenroos, Cityvarasto's CEO, comments:
"We founded Cityvarasto 25 years ago with my classmate and the company's COO, Matti Heiskanen, and we are now the largest self-storage operator in Finland in terms of number of facilities.
As an entrepreneur, my attitude is "grow or fade". This means taking calculated risks – we operate analytically and base our decisions on numbers. It is important for me to always do things better than yesterday, and we are always looking to grow and develop. In business, the danger begins when you feel that something could now be finished.
Self-storage is an internationally growing industry and we are supported by strong trends. Urbanisation is progressing, and apartments and storage spaces are getting smaller while the amount of goods is increasing. Demand is also driven by very common and significant life events and changes that are independent of economic cycles. We want to offer space to live."
Aki Kostiander, Chairman of the Board of Directors of Cityvarasto, comments:
"Self-storage is one of the most interesting areas of the real estate sector which has impressed me with its characteristics, combining several positive factors from both the consumer and real estate businesses.
Cityvarasto has clear growth targets, and we now want to list Cityvarasto on First North to support our strategy. Our strengths are our size, well-known brand, and clear property conversion model and we are delighted to be able to invite also others to join us on our journey."
Cityvarasto in brief
Cityvarasto is a Finnish self-storage, van rental and moving service company established in 1999. In addition to the parent company Cityvarasto Oyj, the Cityvarasto group consists of PakuOvelle.com Oy ("PakuOvelle.com"), which specialises in van rental, and moving service company Suomen Opiskelijamuutot Oy ("Opiskelijamuutot") as the most significant subsidiaries. Cityvarasto's business is divided into two business areas: the real estate business, which covers the self-storage and other facility rental as well as self-storage services, and the ancillary services, which cover the van rental and moving service businesses.
As at 30 June 2025, Cityvarasto had in total 72 self-storage facilities with over 13 000 rentable self-storage units across Finland. The Company's network of self-storage facilities covers a total of 29 cities, including the 20 largest urban areas in Finland. In addition to self-storage units, the Company rents various mixed-use facilities to its customers. In its real estate business, the Company utilises a conversion model, which consists of acquiring primarily properties at the end of their life cycle and converting and developing them to modern self-storage facilities.
PakuOvelle.com is a car rental company, wholly owned by Cityvarasto Oyj, specialising in van rental. As at 30 June 2025, PakuOvelle.com owned over 500 vans in total and had approximately 260 pick-up and drop-off points. Pick-up and drop-off points are located approximately in 45 cities across Finland, including the largest cities in Finland. Opiskelijamuutot is a moving service company, wholly owned by Cityvarasto Oyj, currently operating in Southern Finland. Opiskelijamuutot completed approximately 2 100 removals in 2024.
Cityvarasto's strengths
Cityvarasto believes that the following factors are among the Company's key strengths:
- Cityvarasto is the leading player in its field in terms of number of facilities
- Cityvarasto operates in a market with strong growth drivers
- Cityvarasto has a proven business model
- Cityvarasto has large growth potential
- Sustainable development focused conversion model
Cityvarasto's strategy
Cityvarasto's growth strategy focuses on managing and leasing properties, converting existing properties to modern self-storage facilities, acquiring new facilities to be converted to modern self-storage facilities and acquiring smaller self-storage operators. With its strategy, the Company aims to maintain profitable growth and continue improving the relative profitability through economies of scale, increasing property occupancy rates and continuous development of operations. In accordance with its strategy, Cityvarasto acquires properties suitable for its business, converts them into self-storage facilities and thus aims to increase the cash flow generated by the properties as well as increase the value of its real estate assets. In addition to organic growth, the Company aims to grow through acquisitions of, i.a. smaller local competitors.
Cityvarasto's growth strategy is based on the following areas:
- Increasing the cash flow by optimising occupancy rates and rents of the self-storage facilities
- Area conversions to self-storage use in existing facilities
- Investments in new facilities
- Business acquisitions
- Growth of ancillary services
Cityvarasto's financial targets and dividend policy
The financial targets are forward-looking statements and are not guarantees of future financial performance. All financial targets presented in this release are solely targets and they do not constitute, and should not be treated as, forecasts or estimates of Cityvarasto's financial performance in the future.
Cityvarasto's Board of Directors has adopted the following financial and operational targets for the five-year assessment period which commenced at the end of 2024 and ends at the end of 2029:
- Growth: Group net sales growth shall average above 12 per cent annually over the assessment period.
- Profitability: Group EBITDA margin shall exceed 50 per cent during the assessment period.
- Investment: Group investments shall average approximately EUR 10 million annually during the assessment period. Number of total self-storage facilities shall be approximately 100 by the end of the assessment period.
- Leverage: Group loan-to-value ratio shall remain below 35 per cent during the assessment period. (Loan-to-value is calculated by dividing interest-bearing debt, excluding lease liabilities in accordance with IFRS 16, by fair value of owned investment properties).
The Board of Directors of the Company has adopted a dividend policy pursuant to which Cityvarasto aims to generate the best possible long-term total return for its shareholders. According to the Company's assessment, this is best achieved by reinvesting earnings in the business to create further growth through investment in the expansion of existing properties, acquisition of new properties and M&A. In the long term, Cityvarasto aims to pay growing annual dividends while in the short-term dividends are subject to the Company's investment activities.
Profit guidance for financial year 2025
The guidance includes forward-looking statements concerning the Company's view on possible development in its different markets. They are not guarantees of the development of the Company's revenue or result or future financial performance. The result of the Company's operations could differ materially from market development, and the Company's guidance or other forward-looking statements should not be considered as a promise of future performance or result, which may differ materially from those set forth below.
Cityvarasto assesses the group's net sales and adjusted EBITDA to grow in the full financial year 2025 in comparison with the previous financial year, and the company's management's assessment is in line with the Company's long-term financial targets.
Based on the Company's performance during the first half of the financial year, the current market environment, business outlook, and the company's assessment, net sales for the full financial year 2025 is estimated to grow by 15-20 per cent and adjusted EBITDA to grow by 15-20 per cent compared to full financial year 2024.
The guidance is based on the assumption that there will be no significant changes in the operating environment during the remainder of the year.
Cityvarasto's reported net sales for the first half of the financial year 2025 were EUR 12,611 (10,681) thousand, an increase of 18.1 per cent compared to the corresponding period of the previous financial year, and reported adjusted EBITDA was EUR 5,537 (4,676) thousand, an increase of 18.4 per cent compared to the corresponding period of the previous financial year.
Cityvarasto's key figures
The following tables set forth the key figures of Cityvarasto.
For the six months ended 30 June | For the three months ended 31 March | For the year ended 31 December | ||||
(IFRS) | ||||||
Key figures | 2025 | 2024 | 2025 | 2024 | 2024 | 2023 |
(EUR million, unless otherwise indicated) | (unaudited) | (unaudited) | (unaudited, unless otherwise indicated) | |||
Revenue | 12.6 | 10.7 | 6.0 | 5.1 | 22.4(1) | 18.5(1) |
Change in revenue, % | 18.1 | – | 16.1 | – | 21.4 | 10.6 |
Real estate revenue | 9.3 | 8.4 | 4.5 | 4.1 | 17.1(1) | 15.0(1) |
Ancillary services revenue | 3.5 | 2.5 | 1.6 | 1.1 | 5.6(1) | 3.7(1) |
EBITDA | 5.1 | 4.6 | 2.1 | 1.8 | 10.0(1) | 7.7(1) |
EBITDA margin, % | 40.4 | 43.4 | 34.4 | 34.9 | 44.7(1) | 41.5(1) |
Items affecting comparability | 0.3 | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 |
Adjusted EBITDA | 5.5 | 4.7 | 2.1 | 1.8 | 10.1(1) | 7.7(1) |
Adjusted EBITDA margin, % | 43.9 | 43.8 | 35.8 | 35.3 | 45.0(1) | 41.7(1) |
Operating profit | 4.3 | 3.1 | 1.3 | 1.2 | 67.0(1) | 9.8(1) |
Operating profit margin, % | 33.9 | 29.4 | 22.3 | 23.2 | 299.0(1) | 53.1(1) |
Result for the period | 2.4 | 1.4 | 0.5 | 0.4 | 51.6(1) | 6.2(1) |
Coverage ratio | 4.1 | 3.4 | 3.2 | 2.7 | 3.5 | 3.4 |
Fair value changes in investment properties | 0.6 | -0.4 | -0.1 | -0.1 | 59.5(1) | 4.4(1) |
Value of investment properties | 197.2 | 129.6 | 195.1 | 126.8 | 194.1(1) | 126.2(1) |
Equity ratio, % | 60.4 | 54.3 | 60.4 | 55.6 | 60.5 | 55.7 |
Return on equity (ROE), % | 49.0 | – | 48.6 | – | 48.7 | 8.0 |
Return on investment (ROI), % | 45.2 | – | 45.2 | – | 45.3 | 8.7 |
Balance sheet total | 220.4 | 149.6 | 218.5 | 145.6 | 217.3(1) | 144.5(1) |
Net debt | 53.5 | 46.5 | 53.0 | 44.0 | 51.8(1) | 43.8(1) |
Net debt without lease liabilities | 45.4 | 38.3 | 44.9 | 35.8 | 43.9 | 35.6 |
Equity | 133.2 | 81.3 | 132.0 | 80.9 | 131.5(1) | 80.5(1) |
Loan-to-value ratio, % | 23.5 | 31.5 | 23.8 | 29.6 | 23.8 | 29.8 |
Investments | -4.2 | -5.4 | -2.0 | -1.4 | -14.7 | -9.9 |
Average employees at the end of the period | 63 | 54 | 62 | 54 | 58 | 59 |
Current lettable area, m2, total(2) | 121,000 | 117,000 | 119,000 | 110,000 | 119,000 | 112,000 |
Current lettable area, m2, self-storage | 61,000 | 55,000 | 59,000 | 53,000 | 58,000 | 54,000 |
Current lettable area, m2, business premises | 56,000 | 57,000 | 54,000 | 49,000 | 57,000 | 55,000 |
Self-storage occupancy rate, m2, %, closing | 79 | 77 | 78 | 75 | 76 | 70 |
Business occupancy rate, m2, %, closing | 82 | 76 | 82 | 81 | 83 | 81 |
Average self-storage rent, EUR/m2/month, closing(3) | 25.2 | 26.4 | 24.7 | 26.1 | 25.4 | 24.2 |
Average business premises rent, EUR/m2/month, closing(3) | 10.1 | 10.5 | 9.8 | 10.3 | 9.5 | 9.8 |
Number of facilities/properties | 72 | 65 | 71 | 63 | 68 | 61 |
Number of vans | 513 | 300 | 492 | 258 | 445 | 242 |
Operating profit without fair value changes | 4.2 | 4.0 | 1.7 | 1.6 | 8.6 | 6.3 |
Operative earnings | 2.3 | 2.2 | 0.7 | 0.6 | 4.8 | 3.3 |
Operative earnings per share, EUR | 0.33 | 0.31 | 0.11 | 0.09 | 0.68 | 0.47 |
Adjusted operative earnings | 2.7 | 2.2 | 0.8 | 0.7 | 4.8 | 3.3 |
Adjusted operative earnings per share, EUR | 0.38 | 0.32 | 0.12 | 0.09 | 0.69 | 0.47 |
Net Asset Value | 161.8 | 97.0 | 160.3 | 96.5 | 159.6 | 95.9 |
Net Asset Value per share, EUR | 22.96 | 13.76 | 22.74 | 13.69 | 22.64 | 13.60 |
______
(1) Audited.
(2) Includes also area under construction
(3) Includes only such premises that have been acquired over a year ago per closing
For the year ended 31 December | ||
(FAS) | ||
Key figures | 2023 | 2022 |
(EUR million, unless otherwise indicated) | (unaudited, unless otherwise indicated) | |
Revenue | 18.5(1) | 16.7(1) |
Change in revenue, % | 10.6 | 28.7 |
EBITDA | 6.5 | 5.9 |
Items affecting comparability | 0.0 | 0.0 |
Adjusted EBITDA | 6.5 | 5.9 |
Fair value changes in investment properties(2) | 4.4(1) | 5.7 |
Operating profit | 9.1(1) | 10.1(1) |
Profit for the period | 5.9(1) | 7.7(1) |
Coverage ratio | 3.4 | 7.2 |
Value of Investment Properties | 126.2(1) | 113.8(1) |
Equity ratio, % | 58.9 | 59.7 |
Return on Equity (ROE), % | 7.7 | 10.9 |
Earnings per share, EUR | 0.83 | 1.09 |
NAV per share(3), EUR | 11.28 | 10.53 |
Dividend per share, EUR | 0.09 | 0.08 |
Return on Investment (ROI), % | 8.2 | 9.8 |
Average number of employees at the end of the period | 59 | 64 |
______
(1) Audited.
(2) The change in the fair value of investment properties includes, in addition to the change in the fair value of investment properties, gains and losses on the disposal of investment properties included in the income statement prepared in accordance with FAS.
(3) NAV per share presented in the financial statements prepared in accordance with FAS does not take into account deferred tax liabilities related to investment properties.
In its key figures, Cityvarasto presents certain performance measures, which in accordance with the "Alternative Performance Measures" guidelines by the European Securities and Markets Authority are not accounting measures of historical financial performance, financial position and cash flows, defined or specified in IFRS, but which are instead alternative performance measures. In the Company's view, alternative performance measures provide meaningful supplemental information about the Company to the management, investors, securities market analysts and others regarding the Company's results of operations and financial position.
Information on the contemplated IPO
The contemplated IPO is expected to consist of a share sale by certain existing shareholders of Cityvarasto and a share issue by the Company of approximately EUR 15 million (gross proceeds). The Company, its Board of Directors and management, the selling shareholders, and Cityvarasto's employees participating in the contemplated personnel offering are expected to commit to customary lock-up arrangements in connection with the contemplated IPO.
The Cornerstone Investors have, subject to certain customary conditions, committed to subscribe for shares in the Company amounting, in total, to approximately EUR 20 million in the contemplated IPO assuming that the maximum valuation of all shares in the Company does not exceed EUR 120 million (before any proceeds from the share issue).
The terms, conditions and instructions regarding the contemplated IPO will be included in the prospectus, which Cityvarasto will prepare in connection with the contemplated IPO. If the Company chooses to move forward with the IPO, the prospectus and an English-language translation will be published on the Company's website at www.cityvarasto.fi/ipo.
Advisers
Skandinaviska Enskilda Banken AB (publ) Helsinki Branch is acting as the sole global coordinator and bookrunner (the "Sole Global Coordinator" or "SEB") in the contemplated IPO. Krogerus Attorneys Ltd is acting as legal adviser to Cityvarasto. Roschier, Attorneys Ltd. is acting as legal adviser to the Sole Global Coordinator. Miltton Ltd is acting as communications adviser to Cityvarasto. SEB will act as Cityvarasto's certified adviser referred to in the Nasdaq First North Growth Market Rulebook.
Company presentation
Cityvarasto will organise a company presentation (in Finnish) today, 16 September 2025 at 1 pm EEST. You can participate in the event online or at Miltton House, Sörnäisten rantatie 15, Helsinki. Cityvarasto's CEO Ville Stenroos, CFO Matti Leinonen and chairman of the Board of Directors Aki Kostiander will speak at the event. You can register for the event at https://cityvarasto.events.inderes.com/yhtioesittely.
Further enquiries
Ville Stenroos, CEO, Cityvarasto Oyj, tel. +358 29 123 4747
Matti Leinonen, CFO, Cityvarasto Oyj, tel. +358 29 123 4768
Information about Cityvarasto
Cityvarasto is a Finnish company established in 1999, operating in the self-storage, van rental and moving services sectors. In addition to the parent company Cityvarasto Oyj, the Cityvarasto Group includes, as its principal subsidiaries, PakuOvelle.com Oy, which specialises in van rentals, and Suomen Opiskelijamuutot Oy, a moving services company.
IMPORTANT INFORMATION
Neither this release nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or Singapore or any other jurisdiction in which publication or distribution would be unlawful. The information contained herein does not constitute an offer of securities for sale in the United States, nor may the securities of Cityvarasto Oyj (the "Company") be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. The Company does not intend to register any portion of the offering in the United States or to offer securities to the public in the United States.
The issue, offer, exercise and/or sale of securities are subject to specific legal or regulatory restrictions in certain jurisdictions. The Company or Skandinaviska Enskilda Banken AB (publ) Helsinki Branch assume no responsibility in the event there is a violation by any person of such restrictions.
The information contained herein shall not constitute an offer to sell or a solicitation of an offer to purchase or subscribe, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the applicable prospectus published or offering circular distributed by the Company.
The Company has not authorised any offer to the public of securities in the United Kingdom or in any Member State of the European Economic Area other than Finland. With respect to each Member State of the European Economic Area other than Finland and which applies the Prospectus Regulation (each, a "Relevant Member State"), no action has been undertaken or will be undertaken to make an offer to the public of securities requiring publication of a prospectus in any Relevant Member State. As a result, the securities may only be offered in the Relevant Member States (a) to any legal entity, which fulfils the requirements of a qualified investor as defined in the Prospectus Regulation; or (b) in any other circumstances falling within Article 1(4) of the Prospectus Regulation. For the purposes of this paragraph, the expression "offer of securities to the public" means a communication to persons in any form and by any means, presenting sufficient information on the terms of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe for those securities. The expression "Prospectus Regulation" means Regulation (EU) 2017/1129 of the European Parliament and of the Council, as amended.
This communication is directed only at persons who are outside the United Kingdom or persons who are qualified investors within the meaning of the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 and are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth entities or other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as the "Relevant Persons"). Any investment activity to which this communication relates will only be available to and will only be engaged with, the Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.
Full terms, conditions and instructions for the contemplated initial public offering will be included in the prospectus that will be prepared by the Company in connection with the contemplated initial public offering. The prospectus will be published on the website of the Company at www.cityvarasto.fi/ipo.
An investor is advised to read the prospectus before making an investment decision to fully understand the risks and rewards associated with the investment. The approval by the Finnish Financial Supervisory Authority of the prospectus shall not be considered as an endorsement of the securities offered.
FORWARD-LOOKING STATEMENTS
Certain statements in this release are "forward-looking statements." Forward-looking statements include statements concerning plans, assumptions, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, the Company's competitive strengths and weaknesses, plans or goals relating to financial position, future operations and development, its business strategy and the anticipated trends in the industry and the political and legal environment in which it operates and other information that is not historical information. In some instances, they can be identified by the use of forward-looking terminology, including the terms "believes," "intends," "may," "will" or "should" or, in each case, their negative or variations on comparable terminology.
Forward-looking statements in this release are based on assumptions. Forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and the risk exists that the predictions, forecasts, projections, plans and other forward-looking statements will not be achieved. Given these risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements contained herein speak only as at the date of this release. Save as required by law, the Company does not intend to, and does not assume any obligation to, update or correct any forward-looking statement contained in this release.
INFORMATION TO DISTRIBUTORS
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares have been subject to a product approval process, which has determined that the shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, distributors should note that: the price of the shares may decline and investors could lose all or part of their investment; the shares offer no guaranteed income and no capital protection; and an investment in the shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to any offering of the shares.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares.
Each distributor is responsible for undertaking its own target market assessment in respect of the shares and determining appropriate distribution channels.
Cityvarasto is planning an initial public offering and listing on Nasdaq First North Growth Market Finland
16 september, 07:00
Cityvarasto Oyj Press release 16 September 2025 at 8.00 am EEST
Cityvarasto is planning an initial public offering and listing on Nasdaq First North Growth Market Finland
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SOUTH AFRICA OR SINGAPORE, OR ANY OTHER JURISDICTION IN WHICH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Cityvarasto Oyj ("Cityvarasto" or the "Company"), a Finnish company providing self-storage units and ancillary services, announces that it is planning an initial public offering (the "IPO") and a listing of its shares on Nasdaq First North Growth Market Finland.
The objective of the IPO is to enable Cityvarasto to pursue its growth strategy and to improve its strategic flexibility. The listing would also enable Cityvarasto to access the capital markets and broaden its ownership base both with domestic and foreign investors, which would increase the liquidity of its shares. Furthermore, the IPO is expected to benefit Cityvarasto operationally (e.g., in recruiting and by making Cityvarasto a stronger and more credible partner), strengthen Cityvarasto's recognition among its customers, prospective employees and investors, and in the real estate and rental markets in general, thus enhancing Cityvarasto's competitiveness. The listing and increased liquidity would also enable Cityvarasto to use its shares more effectively as consideration in potential acquisitions and remuneration of personnel.
The contemplated IPO is expected to consist of a share sale by certain existing shareholders of Cityvarasto and of a share issue by the Company of approximately EUR 15 million (gross proceeds). The Company's current largest shareholders will remain as major owners also after the contemplated IPO. The proceeds from the share issue are intended to be used for supporting Cityvarasto's growth strategy, including facility acquisitions and development projects, mergers and acquisitions, as well as other growth investments, and for the Company's general corporate purposes.
Elo Mutual Pension Insurance Company, Odin Eiendom, certain funds managed by SP-Fund Management Company, SKAGEN Funds, Takoa Invest and Biomerit, a company controlled by the chairman of Cityvarasto's Board of Directors Aki Kostiander, (together the "Cornerstone Investors") have each individually committed to subscribe for shares in the Company amounting, in total, to approximately EUR 20 million in the contemplated IPO, subject to certain conditions and on the condition that the maximum valuation of all shares in the Company does not exceed EUR 120 million (before any proceeds from the share issue).
Ville Stenroos, Cityvarasto's CEO, comments:
"We founded Cityvarasto 25 years ago with my classmate and the company's COO, Matti Heiskanen, and we are now the largest self-storage operator in Finland in terms of number of facilities.
As an entrepreneur, my attitude is "grow or fade". This means taking calculated risks – we operate analytically and base our decisions on numbers. It is important for me to always do things better than yesterday, and we are always looking to grow and develop. In business, the danger begins when you feel that something could now be finished.
Self-storage is an internationally growing industry and we are supported by strong trends. Urbanisation is progressing, and apartments and storage spaces are getting smaller while the amount of goods is increasing. Demand is also driven by very common and significant life events and changes that are independent of economic cycles. We want to offer space to live."
Aki Kostiander, Chairman of the Board of Directors of Cityvarasto, comments:
"Self-storage is one of the most interesting areas of the real estate sector which has impressed me with its characteristics, combining several positive factors from both the consumer and real estate businesses.
Cityvarasto has clear growth targets, and we now want to list Cityvarasto on First North to support our strategy. Our strengths are our size, well-known brand, and clear property conversion model and we are delighted to be able to invite also others to join us on our journey."
Cityvarasto in brief
Cityvarasto is a Finnish self-storage, van rental and moving service company established in 1999. In addition to the parent company Cityvarasto Oyj, the Cityvarasto group consists of PakuOvelle.com Oy ("PakuOvelle.com"), which specialises in van rental, and moving service company Suomen Opiskelijamuutot Oy ("Opiskelijamuutot") as the most significant subsidiaries. Cityvarasto's business is divided into two business areas: the real estate business, which covers the self-storage and other facility rental as well as self-storage services, and the ancillary services, which cover the van rental and moving service businesses.
As at 30 June 2025, Cityvarasto had in total 72 self-storage facilities with over 13 000 rentable self-storage units across Finland. The Company's network of self-storage facilities covers a total of 29 cities, including the 20 largest urban areas in Finland. In addition to self-storage units, the Company rents various mixed-use facilities to its customers. In its real estate business, the Company utilises a conversion model, which consists of acquiring primarily properties at the end of their life cycle and converting and developing them to modern self-storage facilities.
PakuOvelle.com is a car rental company, wholly owned by Cityvarasto Oyj, specialising in van rental. As at 30 June 2025, PakuOvelle.com owned over 500 vans in total and had approximately 260 pick-up and drop-off points. Pick-up and drop-off points are located approximately in 45 cities across Finland, including the largest cities in Finland. Opiskelijamuutot is a moving service company, wholly owned by Cityvarasto Oyj, currently operating in Southern Finland. Opiskelijamuutot completed approximately 2 100 removals in 2024.
Cityvarasto's strengths
Cityvarasto believes that the following factors are among the Company's key strengths:
- Cityvarasto is the leading player in its field in terms of number of facilities
- Cityvarasto operates in a market with strong growth drivers
- Cityvarasto has a proven business model
- Cityvarasto has large growth potential
- Sustainable development focused conversion model
Cityvarasto's strategy
Cityvarasto's growth strategy focuses on managing and leasing properties, converting existing properties to modern self-storage facilities, acquiring new facilities to be converted to modern self-storage facilities and acquiring smaller self-storage operators. With its strategy, the Company aims to maintain profitable growth and continue improving the relative profitability through economies of scale, increasing property occupancy rates and continuous development of operations. In accordance with its strategy, Cityvarasto acquires properties suitable for its business, converts them into self-storage facilities and thus aims to increase the cash flow generated by the properties as well as increase the value of its real estate assets. In addition to organic growth, the Company aims to grow through acquisitions of, i.a. smaller local competitors.
Cityvarasto's growth strategy is based on the following areas:
- Increasing the cash flow by optimising occupancy rates and rents of the self-storage facilities
- Area conversions to self-storage use in existing facilities
- Investments in new facilities
- Business acquisitions
- Growth of ancillary services
Cityvarasto's financial targets and dividend policy
The financial targets are forward-looking statements and are not guarantees of future financial performance. All financial targets presented in this release are solely targets and they do not constitute, and should not be treated as, forecasts or estimates of Cityvarasto's financial performance in the future.
Cityvarasto's Board of Directors has adopted the following financial and operational targets for the five-year assessment period which commenced at the end of 2024 and ends at the end of 2029:
- Growth: Group net sales growth shall average above 12 per cent annually over the assessment period.
- Profitability: Group EBITDA margin shall exceed 50 per cent during the assessment period.
- Investment: Group investments shall average approximately EUR 10 million annually during the assessment period. Number of total self-storage facilities shall be approximately 100 by the end of the assessment period.
- Leverage: Group loan-to-value ratio shall remain below 35 per cent during the assessment period. (Loan-to-value is calculated by dividing interest-bearing debt, excluding lease liabilities in accordance with IFRS 16, by fair value of owned investment properties).
The Board of Directors of the Company has adopted a dividend policy pursuant to which Cityvarasto aims to generate the best possible long-term total return for its shareholders. According to the Company's assessment, this is best achieved by reinvesting earnings in the business to create further growth through investment in the expansion of existing properties, acquisition of new properties and M&A. In the long term, Cityvarasto aims to pay growing annual dividends while in the short-term dividends are subject to the Company's investment activities.
Profit guidance for financial year 2025
The guidance includes forward-looking statements concerning the Company's view on possible development in its different markets. They are not guarantees of the development of the Company's revenue or result or future financial performance. The result of the Company's operations could differ materially from market development, and the Company's guidance or other forward-looking statements should not be considered as a promise of future performance or result, which may differ materially from those set forth below.
Cityvarasto assesses the group's net sales and adjusted EBITDA to grow in the full financial year 2025 in comparison with the previous financial year, and the company's management's assessment is in line with the Company's long-term financial targets.
Based on the Company's performance during the first half of the financial year, the current market environment, business outlook, and the company's assessment, net sales for the full financial year 2025 is estimated to grow by 15-20 per cent and adjusted EBITDA to grow by 15-20 per cent compared to full financial year 2024.
The guidance is based on the assumption that there will be no significant changes in the operating environment during the remainder of the year.
Cityvarasto's reported net sales for the first half of the financial year 2025 were EUR 12,611 (10,681) thousand, an increase of 18.1 per cent compared to the corresponding period of the previous financial year, and reported adjusted EBITDA was EUR 5,537 (4,676) thousand, an increase of 18.4 per cent compared to the corresponding period of the previous financial year.
Cityvarasto's key figures
The following tables set forth the key figures of Cityvarasto.
For the six months ended 30 June | For the three months ended 31 March | For the year ended 31 December | ||||
(IFRS) | ||||||
Key figures | 2025 | 2024 | 2025 | 2024 | 2024 | 2023 |
(EUR million, unless otherwise indicated) | (unaudited) | (unaudited) | (unaudited, unless otherwise indicated) | |||
Revenue | 12.6 | 10.7 | 6.0 | 5.1 | 22.4(1) | 18.5(1) |
Change in revenue, % | 18.1 | – | 16.1 | – | 21.4 | 10.6 |
Real estate revenue | 9.3 | 8.4 | 4.5 | 4.1 | 17.1(1) | 15.0(1) |
Ancillary services revenue | 3.5 | 2.5 | 1.6 | 1.1 | 5.6(1) | 3.7(1) |
EBITDA | 5.1 | 4.6 | 2.1 | 1.8 | 10.0(1) | 7.7(1) |
EBITDA margin, % | 40.4 | 43.4 | 34.4 | 34.9 | 44.7(1) | 41.5(1) |
Items affecting comparability | 0.3 | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 |
Adjusted EBITDA | 5.5 | 4.7 | 2.1 | 1.8 | 10.1(1) | 7.7(1) |
Adjusted EBITDA margin, % | 43.9 | 43.8 | 35.8 | 35.3 | 45.0(1) | 41.7(1) |
Operating profit | 4.3 | 3.1 | 1.3 | 1.2 | 67.0(1) | 9.8(1) |
Operating profit margin, % | 33.9 | 29.4 | 22.3 | 23.2 | 299.0(1) | 53.1(1) |
Result for the period | 2.4 | 1.4 | 0.5 | 0.4 | 51.6(1) | 6.2(1) |
Coverage ratio | 4.1 | 3.4 | 3.2 | 2.7 | 3.5 | 3.4 |
Fair value changes in investment properties | 0.6 | -0.4 | -0.1 | -0.1 | 59.5(1) | 4.4(1) |
Value of investment properties | 197.2 | 129.6 | 195.1 | 126.8 | 194.1(1) | 126.2(1) |
Equity ratio, % | 60.4 | 54.3 | 60.4 | 55.6 | 60.5 | 55.7 |
Return on equity (ROE), % | 49.0 | – | 48.6 | – | 48.7 | 8.0 |
Return on investment (ROI), % | 45.2 | – | 45.2 | – | 45.3 | 8.7 |
Balance sheet total | 220.4 | 149.6 | 218.5 | 145.6 | 217.3(1) | 144.5(1) |
Net debt | 53.5 | 46.5 | 53.0 | 44.0 | 51.8(1) | 43.8(1) |
Net debt without lease liabilities | 45.4 | 38.3 | 44.9 | 35.8 | 43.9 | 35.6 |
Equity | 133.2 | 81.3 | 132.0 | 80.9 | 131.5(1) | 80.5(1) |
Loan-to-value ratio, % | 23.5 | 31.5 | 23.8 | 29.6 | 23.8 | 29.8 |
Investments | -4.2 | -5.4 | -2.0 | -1.4 | -14.7 | -9.9 |
Average employees at the end of the period | 63 | 54 | 62 | 54 | 58 | 59 |
Current lettable area, m2, total(2) | 121,000 | 117,000 | 119,000 | 110,000 | 119,000 | 112,000 |
Current lettable area, m2, self-storage | 61,000 | 55,000 | 59,000 | 53,000 | 58,000 | 54,000 |
Current lettable area, m2, business premises | 56,000 | 57,000 | 54,000 | 49,000 | 57,000 | 55,000 |
Self-storage occupancy rate, m2, %, closing | 79 | 77 | 78 | 75 | 76 | 70 |
Business occupancy rate, m2, %, closing | 82 | 76 | 82 | 81 | 83 | 81 |
Average self-storage rent, EUR/m2/month, closing(3) | 25.2 | 26.4 | 24.7 | 26.1 | 25.4 | 24.2 |
Average business premises rent, EUR/m2/month, closing(3) | 10.1 | 10.5 | 9.8 | 10.3 | 9.5 | 9.8 |
Number of facilities/properties | 72 | 65 | 71 | 63 | 68 | 61 |
Number of vans | 513 | 300 | 492 | 258 | 445 | 242 |
Operating profit without fair value changes | 4.2 | 4.0 | 1.7 | 1.6 | 8.6 | 6.3 |
Operative earnings | 2.3 | 2.2 | 0.7 | 0.6 | 4.8 | 3.3 |
Operative earnings per share, EUR | 0.33 | 0.31 | 0.11 | 0.09 | 0.68 | 0.47 |
Adjusted operative earnings | 2.7 | 2.2 | 0.8 | 0.7 | 4.8 | 3.3 |
Adjusted operative earnings per share, EUR | 0.38 | 0.32 | 0.12 | 0.09 | 0.69 | 0.47 |
Net Asset Value | 161.8 | 97.0 | 160.3 | 96.5 | 159.6 | 95.9 |
Net Asset Value per share, EUR | 22.96 | 13.76 | 22.74 | 13.69 | 22.64 | 13.60 |
______
(1) Audited.
(2) Includes also area under construction
(3) Includes only such premises that have been acquired over a year ago per closing
For the year ended 31 December | ||
(FAS) | ||
Key figures | 2023 | 2022 |
(EUR million, unless otherwise indicated) | (unaudited, unless otherwise indicated) | |
Revenue | 18.5(1) | 16.7(1) |
Change in revenue, % | 10.6 | 28.7 |
EBITDA | 6.5 | 5.9 |
Items affecting comparability | 0.0 | 0.0 |
Adjusted EBITDA | 6.5 | 5.9 |
Fair value changes in investment properties(2) | 4.4(1) | 5.7 |
Operating profit | 9.1(1) | 10.1(1) |
Profit for the period | 5.9(1) | 7.7(1) |
Coverage ratio | 3.4 | 7.2 |
Value of Investment Properties | 126.2(1) | 113.8(1) |
Equity ratio, % | 58.9 | 59.7 |
Return on Equity (ROE), % | 7.7 | 10.9 |
Earnings per share, EUR | 0.83 | 1.09 |
NAV per share(3), EUR | 11.28 | 10.53 |
Dividend per share, EUR | 0.09 | 0.08 |
Return on Investment (ROI), % | 8.2 | 9.8 |
Average number of employees at the end of the period | 59 | 64 |
______
(1) Audited.
(2) The change in the fair value of investment properties includes, in addition to the change in the fair value of investment properties, gains and losses on the disposal of investment properties included in the income statement prepared in accordance with FAS.
(3) NAV per share presented in the financial statements prepared in accordance with FAS does not take into account deferred tax liabilities related to investment properties.
In its key figures, Cityvarasto presents certain performance measures, which in accordance with the "Alternative Performance Measures" guidelines by the European Securities and Markets Authority are not accounting measures of historical financial performance, financial position and cash flows, defined or specified in IFRS, but which are instead alternative performance measures. In the Company's view, alternative performance measures provide meaningful supplemental information about the Company to the management, investors, securities market analysts and others regarding the Company's results of operations and financial position.
Information on the contemplated IPO
The contemplated IPO is expected to consist of a share sale by certain existing shareholders of Cityvarasto and a share issue by the Company of approximately EUR 15 million (gross proceeds). The Company, its Board of Directors and management, the selling shareholders, and Cityvarasto's employees participating in the contemplated personnel offering are expected to commit to customary lock-up arrangements in connection with the contemplated IPO.
The Cornerstone Investors have, subject to certain customary conditions, committed to subscribe for shares in the Company amounting, in total, to approximately EUR 20 million in the contemplated IPO assuming that the maximum valuation of all shares in the Company does not exceed EUR 120 million (before any proceeds from the share issue).
The terms, conditions and instructions regarding the contemplated IPO will be included in the prospectus, which Cityvarasto will prepare in connection with the contemplated IPO. If the Company chooses to move forward with the IPO, the prospectus and an English-language translation will be published on the Company's website at www.cityvarasto.fi/ipo.
Advisers
Skandinaviska Enskilda Banken AB (publ) Helsinki Branch is acting as the sole global coordinator and bookrunner (the "Sole Global Coordinator" or "SEB") in the contemplated IPO. Krogerus Attorneys Ltd is acting as legal adviser to Cityvarasto. Roschier, Attorneys Ltd. is acting as legal adviser to the Sole Global Coordinator. Miltton Ltd is acting as communications adviser to Cityvarasto. SEB will act as Cityvarasto's certified adviser referred to in the Nasdaq First North Growth Market Rulebook.
Company presentation
Cityvarasto will organise a company presentation (in Finnish) today, 16 September 2025 at 1 pm EEST. You can participate in the event online or at Miltton House, Sörnäisten rantatie 15, Helsinki. Cityvarasto's CEO Ville Stenroos, CFO Matti Leinonen and chairman of the Board of Directors Aki Kostiander will speak at the event. You can register for the event at https://cityvarasto.events.inderes.com/yhtioesittely.
Further enquiries
Ville Stenroos, CEO, Cityvarasto Oyj, tel. +358 29 123 4747
Matti Leinonen, CFO, Cityvarasto Oyj, tel. +358 29 123 4768
Information about Cityvarasto
Cityvarasto is a Finnish company established in 1999, operating in the self-storage, van rental and moving services sectors. In addition to the parent company Cityvarasto Oyj, the Cityvarasto Group includes, as its principal subsidiaries, PakuOvelle.com Oy, which specialises in van rentals, and Suomen Opiskelijamuutot Oy, a moving services company.
IMPORTANT INFORMATION
Neither this release nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or Singapore or any other jurisdiction in which publication or distribution would be unlawful. The information contained herein does not constitute an offer of securities for sale in the United States, nor may the securities of Cityvarasto Oyj (the "Company") be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. The Company does not intend to register any portion of the offering in the United States or to offer securities to the public in the United States.
The issue, offer, exercise and/or sale of securities are subject to specific legal or regulatory restrictions in certain jurisdictions. The Company or Skandinaviska Enskilda Banken AB (publ) Helsinki Branch assume no responsibility in the event there is a violation by any person of such restrictions.
The information contained herein shall not constitute an offer to sell or a solicitation of an offer to purchase or subscribe, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the applicable prospectus published or offering circular distributed by the Company.
The Company has not authorised any offer to the public of securities in the United Kingdom or in any Member State of the European Economic Area other than Finland. With respect to each Member State of the European Economic Area other than Finland and which applies the Prospectus Regulation (each, a "Relevant Member State"), no action has been undertaken or will be undertaken to make an offer to the public of securities requiring publication of a prospectus in any Relevant Member State. As a result, the securities may only be offered in the Relevant Member States (a) to any legal entity, which fulfils the requirements of a qualified investor as defined in the Prospectus Regulation; or (b) in any other circumstances falling within Article 1(4) of the Prospectus Regulation. For the purposes of this paragraph, the expression "offer of securities to the public" means a communication to persons in any form and by any means, presenting sufficient information on the terms of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe for those securities. The expression "Prospectus Regulation" means Regulation (EU) 2017/1129 of the European Parliament and of the Council, as amended.
This communication is directed only at persons who are outside the United Kingdom or persons who are qualified investors within the meaning of the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 and are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth entities or other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as the "Relevant Persons"). Any investment activity to which this communication relates will only be available to and will only be engaged with, the Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.
Full terms, conditions and instructions for the contemplated initial public offering will be included in the prospectus that will be prepared by the Company in connection with the contemplated initial public offering. The prospectus will be published on the website of the Company at www.cityvarasto.fi/ipo.
An investor is advised to read the prospectus before making an investment decision to fully understand the risks and rewards associated with the investment. The approval by the Finnish Financial Supervisory Authority of the prospectus shall not be considered as an endorsement of the securities offered.
FORWARD-LOOKING STATEMENTS
Certain statements in this release are "forward-looking statements." Forward-looking statements include statements concerning plans, assumptions, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, the Company's competitive strengths and weaknesses, plans or goals relating to financial position, future operations and development, its business strategy and the anticipated trends in the industry and the political and legal environment in which it operates and other information that is not historical information. In some instances, they can be identified by the use of forward-looking terminology, including the terms "believes," "intends," "may," "will" or "should" or, in each case, their negative or variations on comparable terminology.
Forward-looking statements in this release are based on assumptions. Forward-looking statements involve inherent risks, uncertainties and assumptions, both general and specific, and the risk exists that the predictions, forecasts, projections, plans and other forward-looking statements will not be achieved. Given these risks, uncertainties and assumptions, you are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements contained herein speak only as at the date of this release. Save as required by law, the Company does not intend to, and does not assume any obligation to, update or correct any forward-looking statement contained in this release.
INFORMATION TO DISTRIBUTORS
Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares have been subject to a product approval process, which has determined that the shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, distributors should note that: the price of the shares may decline and investors could lose all or part of their investment; the shares offer no guaranteed income and no capital protection; and an investment in the shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to any offering of the shares.
For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares.
Each distributor is responsible for undertaking its own target market assessment in respect of the shares and determining appropriate distribution channels.
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