Proposed Acquisition of Properties Safeland

Safestore PLC
23 December 1999


Safestore PLC ('Safestore' or the 'Company')
Proposed acquisition of freehold properties from Safeland PLC (the
'Acquisition')

The Company announces that it proposes to acquire the freehold of seven of its
existing self-storage sites from Safeland PLC ('Safeland') for cash
consideration of £8 million.

The Company's balance sheet has been significantly strengthened during the
past three months with net cash inflows of approximately £19 million being
received through a placing and open offer and a cash subscription by Prestbury
Group PLC.

As the Company is now on a much firmer financial footing the Board has decided
that it would be appropriate for the company to buy in the freeholds of the
sites currently owned by Safeland.  

Accordingly Safestore entered yesterday into an agreement to acquire the 7
freehold properties that it leases from Safeland for a cash consideration of
£8 million.  Having procured an independent review of the properties in
question by DTZ, the Board is satisfied that this consideration represents
market value.

As Larry Lipman, the Chairman of the company, is deemed under the Companies
Act 1985 to be a 'connected party' of Safeland, the Company is required to
seek shareholders' approval for the Acquisition.  Due to his interest in the
transaction, Mr Lipman has taken no part in the Board's deliberations in
relation to it.

A circular to shareholders further explaining the terms of the Acquisition and
convening an extraordinary general meeting of the Company will be sent to
shareholders shortly.

Enquiries:

Nicholas Leslau       020 73235250       
Safestore PLC

Jagjit Mundi       020 7597 5970
Investec Henderson Crosthwaite