Day: February 3, 2022

Stor-Age previously released a cautionary announcement on 20 January that included far more details than most cautionary do. The company put forward a proposed deal in the UK for four self-storage properties with a total purchase price of GBP37.5 million. The rationale for disclosing the details becomes clear if you look at what else happened that day: a bookbuild to raise R575 million on the market. That capital raise was multiple times oversubscribed and the shares were placed at a discount of just 0.9% to the 30-day volume-weighted average price…

Lok’nStore has agreed on the sale and manage-back of four of its freehold sites in a deal worth £39m. Self-Storage Trading LLP – an institutional managed-store client – is behind the acquisition, which concerns stores in Basingstoke, Cardiff, Horsham, and Portsmouth. These will remain branded Lok’nStore operations maintaining the operational footprint of the business. The net proceeds of the sale will be “recycled quickly” into new stores. Lok’nStore already has three further sites with lawyers and a number of other opportunities progressing. Executive chairman Andrew Jacobs said: “This transaction, at…