Completion of sale of Glasgow freehold property
Safestay plc has completed the sale of its freehold property and hostel, Safestay Glasgow Charing Cross, to an independent third-party investor for £5.1 million in cash. The net proceeds will be used to reduce debt, fund working capital, and strengthen the Group's balance sheet, aligning with its strategy to realize value from UK freehold assets and support an asset-light growth model. The company will no longer operate the Glasgow hostel, and it will cease to trade under the Safestay brand.
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Further to its announcement of 1 June 2026, Safestay (AIM: SSTY), the owner and operator of an international brand of contemporary hostels, announces that the sale of its freehold property and hostel, Safestay Glasgow Charing Cross, to an independent third-party investor for cash consideration of £5.1 million has completed.
The net proceeds will be used to repay indebtedness, for working capital purposes and to strengthen the Group's balance sheet, as previously announced. The Group will no longer operate the hostel at this site and the property will cease to trade under the Safestay brand.
The transaction is consistent with the Group's previously announced strategy to crystallise value from certain UK freehold assets and support its asset-light growth strategy.
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- Kitzbühel Centre, Austria (Franchise)
- Brussels Grand Place, Belgium
- Prague Charles Bridge, Czechia
- Athens Monastiraki, Greece
- Naples, Italy
- Pisa Centrale, Italy
- Warsaw Old Town, Poland
- Lisbon Bairro Alto, Portugal
- Bratislava Presidential Palace, Slovakia
- Barcelona Gothic, Spain
- Barcelona Passeig de Gracia, Spain
- Calpe Seafront, Spain (in development)
- Córdoba Mezquita Catedral, Spain
- Madrid Central, Spain
- Brighton, UK
- Edinburgh Cowgate, UK (Franchise)
- London Elephant & Castle, UK
- London Kensington Holland Park, UK
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Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.