Category: Finance News

Self Storage Company Reveals £3.5 Million Investment in Somerset

We will now be making a significant investment to rejuvenate the site, increasing the self-storage capacity from 7,000 sq ft to 37,000 sq ft and upgrading facilities. We will also be bringing our Squab workspace service to the site, providing flexible and bespoke accommodation as well as amenities and support to SMEs in a range of sectors.” – Alex Henney, Director of Squab A business centre and self-storage company has announced a £3.5m investment in Somerset. The Warwickshire-headquartered Squab Storage has completed the purchase of the Britannia Lanes in Bridgwater…

Lok’nStore Buys Eastbourne Site With Share Placing Funds

Self-storage operator Lok’nStore Group announced the first deployment of capital from its recent placing on Monday, as it acquired a new 60,000 square-foot freehold ‘landmark’ site in Eastbourne, Sussex. The AIM-traded firm said the move was the beginning of its expansion plans, following the significant injection of £19.8 million in funding. It said unconditional contracts for the new site had been exchanged, with the Eastbourne location providing an opportunity for the company to establish a presence in the Sussex region, catering to growing demand. In addition to the new acquisition,…

Self Storage Group ASA – Acquisition of Property in Gjøvik, Norway

Self Storage Group ASA (Self Storage Group, OSE:SSG) has entered into an agreement to acquire a property under development in Skjerven næringspark in Gjøvik, Norway. The transaction has a value of NOK 18.9 million and the property has a potential lettable area of 1400 square meters. The facility is projected to open in the first half of 2024 and will be operated under the City Self-Storage brand. We are pleased to announce the acquisition of this property, which will be our 2nd facility in Gjøvik. With this acquisition, we strengthen…

Devon Self Storage Company Expands With Fourth Site

Truro-based Ignition provides financial support to SMEs via commercial loans for specific business purposes, or by financing a wide range of business assets including vehicles, machinery and equipment. It was able to assist Your Super Storage with finance for 22 new storage units for the new site, worth £65,000.” A South West self-storage company has expanded and opened a fourth site in the county. Devon-based Your Super Storage has expanded with help from asset finance provider, Ignition. With three existing storage sites in and around Teignmouth and Totnes, Your Super…

Oaknorth Bank Backs Acquisition of Self Storage Provider

While details of the deal first emerged last week, OakNorth has now revealed that it provided a £377m load to UK Storage Company as part of the deal.” OakNorth Bank has revealed its role on one of the UK’s largest independent self-storage providers being bought by an investor syndicate. Originally focused in the South West, the UK Storage Company has a portfolio of 28 well-invested sites comprising both leasehold and freehold properties that consist of 11,000 storage units. Founded in 2005, the business has expanded its geographic presence through a…

£37 Million Supports Acquisition of One of UK’s Largest Self Storage Providers

A £37million loan from OakNorth Bank has supported the acquisition of UK Storage Company, one of the UK’s largest independent self-storage providers. Founded in 2005 by Keith and Cathy Taylor, UK Storage Company opened its first site in Bridgwater, Somerset, with the site also being used as its headquarters. Its second site soon followed in Taunton, Somerset, and today, the business operates 28 stores across England. Totalling over 880,000 sq ft of storage space, all of UK Storage Company’s sites are fully automated, offering customers 24-hour access to their units…

Padlock Partners UK Fund IV Files Final Prospectus and Sets Closing Date for Initial Public Offering

The Trust is an unincorporated investment trust and was established for the primary purpose of investing in a portfolio of income producing commercial real estate properties in the United Kingdom with a focus on self-storage properties. Following completion of the Offering, the Trust intends to indirectly acquire one existing self-storage property and two redevelopment properties, each located in the United Kingdom.” Padlock Partners UK Fund IV (the “Trust”) announced today that it has filed with the securities commissions or similar authorities in each of the provinces and territories of Canada,…

Moorfield and Peloton’s UK Open Storage Logistics Venture Adds £26 Million Portfolio

Moorfield Group and Peloton Real Estate’s UK open-storage logistics facilities investment venture has added four sites to its portfolio. The partnership has acquired the portfolio, comprising four sites in Newport, Peterborough, Preston and Tewkesbury for £26m (€29m). The sites are leased to used vehicle marketplace BCA.” In July last year, Moorfield and Peloton partnered to create the venture which expects to put together an initial £100m portfolio. Moorfield, investing on behalf of its Moorfield Real Estate Fund V, is the majority investor in the joint venture. Peloton will mainly be…

Shurgard Obtains Building Permit for North London Site

Direct project cost (excl. absorption cost) is estimated to amount to GBP 18.5 million and the expected property yield at maturity is expected to be within our guidance (8-9%).” Shurgard, the largest developer, owner and operator of self storage centers in Europe – has received planning permission for its development project in Tottenham (in the North of London). Shurgard’s most recent development pipeline, which has been publicly disclosed, includes the site. The property will be built on a freehold site and will replace an existing building. The future c. 8,200…

Stor-Age Boosted By Strong Rental Growth, Low Churn – With Five New Facilities Being Built

  In the UK, the group plans to develop five new properties, at a cost of £64 million (roughly R1.44 billion). This will add an estimated 270 000 square feet (about 25 110m2) in the gross lettable area to the portfolio.” Stor-Age, SA’s biggest self-storage property fund, says customer churn levels remain below pre-pandemic levels, while average rent climbed by 7.3% in South Africa, and more than 8% in the UK over the past year. Valued at about R5.9 billion on the JSE, Stor-Age’s portfolio comprised 86 self-storage properties across…