Category: Finance News

Padlock Partners UK Fund II Announces Closing Of UK Debt Financing

Padlock Partners UK Fund II (the “Trust”) announced today that it has closed a £16,015,750.65 Senior Secured Term Loan Facility (the “Facility”). The Facility is solely secured by a first, fixed legal mortgage over the properties. The Facility includes a fixed interest rate of 9.3% per annum and a 2-year maturity, prepayable immediately with no penalty. An initial drawdown of £3,868,710.91 was used to fund the current development and working capital requirements of the Trust. Further drawdowns will be used to provide funding for future development and additional acquisition(s). The…

Valor Extends London Last Mile Footprint With c. £70 Million Buy

Valor Real Estate Partners has acquired two urban logistics estates, located in Mitcham and Watford, for a total consideration of c. £70 million, from DTZ Investors. In Mitcham, South London, Valor has completed the acquisition of a 105,000 sq ft multi-let industrial estate on Mitcham Industrial Estate. It occupies a prime last-mile logistics location on the A216, providing direct access to the A23 and A24 in less than 10 minutes’ drive. Currently, 72% occupied by tenants spanning the self-storage and DIY sectors, it offers a mix of strong day one…

New Self-Storage Operator StoreAway Secures £16 Million In Investment As It Builds Nationwide Portfolio

New self-storage market entrant StoreAway has secured a total of more than £16 million in investments just weeks after the launch of its flagship Liverpool site. Established by a team of self-storage management and property experts, the brand offers flexible storage space in city centres and urban settings by repurposing unoccupied retail and leisure outlets on some of the UK’s most well-known high streets. Despite still being in its infancy, StoreAway has captured the eyes and investment of Redevco, Legal & General, and Nash Business Capital, meaning it will now…

Storage Specialist Lok’nStore Racks Up Another Half Of Strong Growth

Self-storage firm Lok’nStore Group (LOK:AIM) posted a sharp rise in revenues and earnings for the first half as it continues to roll out sites in a desperately under-served market. The company also released significant value through the sale-and-manage-back of four mature stores, allowing it to reduce debt and increase its dividend. Growth Machine: Lok’nStore has a strong record of growing both earnings and net asset value, a trend that continued in the six months to January. Group revenues rose 31.1% to £13.4 million driven by an increase in sites and…

Padlock Partners UK Fund I Completes Disposition Of Newmarket Self-Storage Property

Padlock Partners UK Fund I (the “Trust”) announced today that it has successfully completed the sale of a newly developed self-storage property located in the United Kingdom (the “Newmarket Property”) to a subsidiary (the “Buyer”) of Padlock Partners UK Fund II (“Padlock II”) for an aggregate purchase price of approximately £6,680,000. The Newmarket Property was sold by a subsidiary of the Trust (the “Seller”) to the Buyer pursuant to a share purchase agreement, whereby the Buyer agreed to acquire 100% of the outstanding shares of a subsidiary of the Seller…

Arrow To Develop €20m Industrial Park In Ludwigsfelde, Germany

Arrow Capital Partners has acquired a 24,581 sqm commercial and industrial site in Ludwigsfelde, southwest of Berlin, to develop into a modern industrial park with a gross development value of ca. €20 million. This deal together with the recent acquisition of a brownfield site in the industrial harbour of Bremen highlight an expansion of the group’s broader European urban logistics development portfolio, which includes around €150 million of projects in Germany and €1 billion across the rest of Europe in the UK, Netherlands, Poland, Germany, Spain, and Italy. Commenting on…

UK Self-Storage Operator Safestore Buys Full Equity In JV Properties From Carlyle

U.K.-based self-storage operator Safestore Holdings PLC has acquired the remaining 80% equity in its joint venture (JV) with global private-equity firm The Carlyle Group for €67 million. The portfolio of 15 self-storage facilities in Belgium and the Netherlands comprises 592,000 square feet. The partnership had an enterprise value of €146 million, according to a press release. Safestore formed the JV in 2019 to acquire the six-property M3 Self Storage portfolio and enter the Dutch market. That purchase was followed by the six-property Lokabox self-storage portfolio in Belgium in 2020 and…

Stor-Age Continues To Add To Its UK Portfolio With R1.2 Billion Deal

Secures third storage-group acquisition in that country in its current financial year. Cape Town-based self-storage property fund Stor-Age has secured a UK-based storage group, Storagebase, for a purchase deal of £59 million (around R1.15* billion) to scale up operations in its existing UK portfolio, Storage King. The real estate investment trust (Reit) announced on Tuesday that this is its third acquisition in the UK within the current financial year and that the deal will see it add four more properties to its portfolio. The three acquisitions represent nine properties in…

Self Storage Group ASA – Acquisition of New Property in Skien, Norway

Self Storage Group ASA (Self Storage Group, OSE: SSG) has entered into an agreement to acquire a land property in Skien, Norway. The transaction has a value of NOK 8.5 million. SSG has also signed an agreement with Seltor AS, which will construct a purpose-built self-storage facility on the land plot. The contract with Seltor AS has a value of NOK 29.6 million. The property has a potential lettable area of 3100 square meters. The facility is projected to open in Q2 2023 and will be operated under the city…

Safestore 1Q Revenue, Occupancy Rose On Strong U.K. Performance

Safestore Holdings PLC said Thursday that it’s fiscal 2022 first-quarter revenue and closing occupancy increased thanks to a strong performance in the U.K., complemented by good results from Paris and Spain. The London-listed self-storage company said the strong momentum of the fourth quarter continued into the latest period, as revenue for the three months ended Jan. 31 rose to 50.9 million pounds ($69.1 million) from GBP44.4 million a year earlier. Closing occupancy rose slightly, to 80.8% from 80.1% a year earlier, it said. The company said that its new store…