Kangaroo Self Storage has taken a leap forward in its ambitious growth strategy that sees the company gain a strong presence in the Midlands.
The self-storage company has acquired the Nottingham, Hanley and Tunstall sites owned by Jumbo Self Storage. This transaction was funded by both equity from Kangaroo Self Storage and debt through HSBC.
The acquisition creates a link between the company’s six facilities in the North West of England and its recently acquired site in Grimsby. Together, the three sites add a further 87,000 sq ft of Maximum Lettable Area – rental storage space – to the Kangaroo portfolio.
The move to the Midlands marks the start of an accelerated programme of expansion for Kangaroo Self Storage through strategic acquisitive growth.
Commenting on the purchase, Chris Stevens CEO of Kangaroo Self Storage said; “The addition of this cluster of stores in the Midlands makes strategic sense alongside our existing portfolio of storage facilities.
“We have a strong pipeline that will see us continue to expand across the UK regions – bringing self-storage services to undersupplied markets across the UK.
“We’re very fortunate to retain the teams in store. What is clear is that there is a shared desire to deliver quality customer service, and this is borne out by enduring strong reviews and customer feedback, a cornerstone of Kangaroo. I very much look forward to working with the teams to continue to build on the customer service and storage offering.”
Chris added; “We are enormously thankful for the support of the Jumbo Self Storage team during the sale process and through the transition.”
Jonathan Whitfield, Relationship Director – Real Estate Finance for HSBC said, “As a bank we strongly believe in the self-storage market and like to back high-quality operators like Kangaroo Self Storage. We have worked with Kangaroo for the last eight years and we look forward to supporting their growth through this latest acquisition in the Midlands and forthcoming opportunities.”
The three sites at Hanley, Tunstall and Nottingham will be rebranded to Kangaroo Self Storage. Kangaroo Self Storage Ltd operates across ten sites in Scotland and the North West of England and has two sites under development in the North East.
Further information can be found at www.kangarooselfstorage.co.uk
Kangaroo Self Storage was advised by MBM Commercial LLP, JLL and Temple Bright LLP.
