Author: Shinil

Shurgard Bows To TIAA / T-C Storage In Bid For Sweden Self-Storage Operator 24Storage

Shurgard Self Storage withdrew its offer to purchase 24Storage after financial-services firm Teachers Insurance Annuity Association of America (TIAA) increased its bid to SEK 76 per share. TIAA, bidding through Sweden affiliate T-C Storage BidCo AB, initially offered SEK 62 per share on November 8th before Shurgard made a larger offer. T-C Storage has agreed to buy 92.38% of 24Storage outstanding shares and set an acceptance deadline of December 13th, according to a press release. “The offer from TIAA validates Shurgard’s interest in 24Storage and underpins the strong investor interest…

SREF Appoints Flexiss To Manage 230,000 Sq Ft Self-Storage Portfolio

Schroder UK Real Estate Fund (SREF) has instructed industry storage specialist, Flexiss as the new asset manager for its 230,000 Sq Ft self-storage portfolio of five assets around London. Flexiss will manage SREF’s portfolio of self-storage assets which are all located around outer London and the M25, and operates under SREF’s specialist brand name the Self Storage Company, as the fund seeks to further grow rental income and investment returns. SREF was amongst the first investors entering this alternative market when it acquired the Self Storage Company brand and its…

MCR Property Continue Scottish Expansion With £6m Refurb Contract

MCR Property Group has acquired its second multi-let business complex in Scotland as it continues its drive to expand rapidly north of the border. The property developer is investing £6 million in the Pentagon Business Centre, to create a modern, comfortable home for well over a hundred businesses. MCR Property chose to retain all staff in place and created ten additional job roles. The historic six-storey building at 36 Washington Street overlooks the River Clyde and sits at the heart of Glasgow’s financial district. It was constructed over 120 years…

LondonMetric Property Acquires Two Logistics Properties For GBP136m

LondonMetric Property (LondonMetric) has acquired two logistics warehouses for GBP135.6 million in separate transactions, reflecting a blended NIY of 4.2 per cent and a reversionary yield of 4.8 per cent. The properties generate a rent of GBP6.0 million pa with 100 per cent of the income benefiting from RPI linked rent reviews. The warehouses have a WAULT of 22 years and comprise: • c700,000 sq ft, acquired for GBP97.0 million at a NIY of 4.0 per cent and let to a high quality occupier for another 23 years at a…

blue self storage is the New Name of Cardiff Self Storage Ahead of Expansion

Formerly known as Cardiff Self Storage, the 31-year-old company rebranded as blue self storage this week to reflect its new sites in locations beyond the Welsh capital as it rolls into a new era of smart & affordable storage across Wales. Chris Bryan, Commercial Manager at blue self storage said: “Owing to the ever-increasing demand for affordable self storage, especially from local businesses, we’re incredibly excited to be changing our name to blue self storage, to accommodate the demand and facilitate our upcoming national expansion. Our loyal customers – many of whom…

A Trio of Award Wins For Newport’s Storage Giant In A Year of Ambitious Expansion Plans

Newport-based Self Storage specialists, Storage Giant, has just picked up a trio of fresh award wins in a year that is set to see the firm double its footprint in Wales and the UK. The firm, which is the largest private self-storage provider in Wales and the second largest in the UK, has sites across Wales, The Midlands and the M4 corridor, and it is pressing ahead with plans to open new sites in Bridgend, Nottingham, and two in the West Midlands in the coming months. The firm has been…

The Trials and Triumphs of the UK Self-Storage Industry: One-on-One With Storage King CEO

The U.K. self-storage sector is strong despite the pandemic and other economic challenges. In fact, Storage King, one of the region’s largest operators, is fast-tracking its growth. CEO Robin Greenwood shares its plans, how the industry has been impacted by world events and what he sees for the future. Storage King is the sixth largest self-storage operator in the United Kingdom, with 29 owned facilities and seven others trading under its brand name. In 2017, the company was acquired by South Africa’s largest self-storage company, Stor-Age Property REIT, a real estate…

UK Self-Storage Operator Storage King Secures £50M to Fund Expansion

Storage King, which operates 29 self-storage properties in the United Kingdom, has secured £50 million in funding from British banks HSBC UK and Santander UK to help fuel future growth. The company intends to expand several existing sites as well as add two to four new facilities annually over the next five years, according to a press release. The Storage King portfolio has performed well over the last 18 months, growing in physical occupancy from 75% to 90%, the release stated. The company attributed the progress to increased demand stemming…

Nuveen Enters European Self-Storage Sector With Purchase Of Green Storage Portfolio In Sweden

Nuveen Real Estate, an American asset manager and subsidiary of financial-planning firm TIAA Investments, has entered the European self-storage sector with the purchase of a majority interest in Green Storage in Greater Stockholm, Sweden. The seller, Green Group, will retain a minority interest in the portfolio that includes 14 facilities, six of which are under development, according to the source. “Nuveen is focused on expanding into the real estate alternative sectors, with self-storage considered one of the winning subsectors in Europe given low levels of supply, proven resilience during times…

McCarthy’s Storage World Purchases Huddersfield Site For £5m

A self-storage specialist has opened the doors on its fifth centre – the second it has opened since the coronavirus outbreak. McCarthy’s Storage World has purchased Phoenix Retail Park in Huddersfield, which is also home to furniture store DFS, as part of a £5m investment. The firm has converted an empty retail unit into 30,000 Sq Ft of storage space, with capacity for significant expansion and suitable for both business and personal storage use. Units range in size from 10 Sq Ft to 3,000 Sq Ft. An on-site shop will…