The UK PIN Fund returned 11.2% in Q4 2021, comfortably beating the FTSE 100, which returned 4.3% during the same period. With the exception of Whitbread, all of our shares increased in value but once again it was the self-storage providers that continued to see their share price soar with Big Yellow Group rising by 22.4% in Q4 and Safestore Holdings jumping by another 33.3%.

Safestore has returned 50% in the last six months and for 2021 overall it gave investors a staggering 83.2% return on their investment, while Big Yellow was not far behind, returning 58.7% to investors in 2021.

As can be seen in the table below, (highlighted in blue), Safestore has been by far the best performer in our Fund, returning 290% so far, despite entering the fund two years later than most of our housebuilders. To return 55% per year (unleveraged) for more than five years is beyond impressive and in a Q4 update on 17 November the firm said that Group revenue was up 21% in the year to the end of October. Overall occupancy increased to 85% in the first 10 months of 2021, from 80% at the end of 2020. It also announced that it has acquired another large site in London (Old Kent Road) and that planning permission has been granted for two sites in Spain, (Madrid and Barcelona).

Frederic Vecchioli, chief executive officer at Safestore, commented: “I am pleased to report a strong final quarter to conclude what was an exceptional and record result for the year. All geographies have performed strongly and have shown good momentum in the final quarter.

“Our property pipeline continues to grow and we now have 800,000 sq ft planned to open over the coming years in the UK, Paris and Spain, representing growth of 11% in the size of our estate. In November 2021, we added a further freehold London site to our pipeline in the Old Kent Road area. Our pipeline will be financed by our free cash flow and existing debt facilities and we anticipate further additions over the coming months.