Category: Finance News

Stor-Age Raises R575m To Fund Further UK Acquisitions

Thursday saw self-storage property fund Stor-Age announce the acquisition of a portfolio of four more properties in the UK that will largely be funded through its successful R575 million capital raise on the JSE. The rights issue, which was also announced and finalised on Thursday, was significantly oversubscribed. Stor-Age had initially targeted an accelerated bookbuild of R550 million. According to the group, the new equity was raised at a price of R14.30 per share, representing a 0.92% discount to the 30-day volume-weighted average traded price of its share. “The capital…

Padlock Partners UK Fund I Continues UK Growth with Acquisition of Existing Self-Storage Business in Bicester, England

Padlock Partners UK Fund I (the “Trust”) announced today that it has completed its acquisition of Cinch Self Storage Bicester, 1 Arkwright Rd, Bicester, England (the “Bicester Property”) for £3,200,000, which was satisfied by way of cash from the proceeds of the Trust’s initial public offering. The Trust indirectly acquired a leasehold interest in the Bicester Property via a purchase of the shares of the controlling company. Simultaneous to the closing, the Trust indirectly negotiated and signed a new 20-year lease under the Landlord and Tenant Act 1954. The self-storage…

Self Storage Group ASA – Acquisition Of New Property In Askøy, Norway

Self Storage Group ASA (Self Storage Group, OSE: SSG) has entered into an agreement with Mittegetlokale Vestland AS to acquire a property in Storebotn Næringspark in Askøy, Norway. The transaction has a value of NOK 12 million. The property has a potential lettable area of 1050 square meters. The facility is projected to open in Q4 2022 and will be operated under the OK Minilager brand. “The property is located in Askøy, just outside of Bergen. SSG sees growth potential in the Greater Bergen region and we are therefore pleased…

Nuveen To Acquire Self-Storage Operator In Sweden

Nuveen Real Estate is acquiring 24Storage, the second largest self-storage operator in Sweden. Nuveen has acquired c.92.4% of 24Storage via unconditional share purchase agreements and the subsequent launch on 29 November 2021 of a mandatory public tender offer to acquire the remaining shares (and votes) to ultimately take 100% control of 24Storage, said Nuveen in a statement. The acquisition is based on a share price of SEK 76 per share, equating to an enterprise value of approximately SEK 2.1BN. 24Storage owns 26 assets and a further four assets under development.…

Self Storage Group ASA – Acquisition Of New Property In Arendal, Norway

Self Storage Group ASA (Self Storage Group, OSE: SSG) has entered into an agreement to acquire a property in Molandsveien 339 in Arendal, Norway. The transaction has a value of NOK 7.1 million. The property has a potential lettable area of 850 square meters. The facility is projected to open in Q4 2022 and will be operated under the OK Minilager brand. “The property is located in Arendal, close to the E-18 highway. With this investment, we will strengthen our number one position in the City of Arendal, and the…

Self-Storage Development and Zoning Activity: December 2021

Go Store Self Storage completed an expansion of its facility in York, England. The property on Monks Cross Drive comprises 45,000 square feet in 950 units. The company secured a seven-figure funding package from lender HSBC UK as well as £150,000 for ongoing capital improvements. Go Store has a second location under development in Kettering, England. Norway-based Self Storage Group ASA (SSG) has purchased a property in Trondheim, Norway, for NOK 17 million on which it intends to build a new facility. Expected to open in the second quarter of 2023, the 1,550-square-meter…

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…

Go Store Self Storage Opens In York After Securing Seven-Figure Funding Deal

A storage company has expanded its UK operations with a new Yorkshire site after a rise in demand during the pandemic. Go Store Self Storage used a seven-figure funding package from HSBC UK to support the build and fit-out a 45,000 sq ft storage centre at Monks Cross, York. The site includes 950 storage rooms with 35 different sizes available. An additional £150,000 was also provided by the bank to support the company’s ongoing working capital requirements. Rory Windham, managing director at Go Store Self Storage, said: “The pandemic changed…

Stor-Age Outshines Other JSE Property Competitors, Continues To Experience Strong Growth

STOR-AGE, South Africa’s largest self storage property fund, lifted its interim dividend 8.85 percent to 56.60 cents per share after it continued to outperform other listed property companies on the JSE in the six months to September 31, 2021. The results were driven by strong demand, growth in occupancy and rental rates, and disciplined cost control at a property level, said chief executive Gavin Lucas. He said even though the business model was tested over the past 18 months, “we made progress in all areas of our strategy: organic growth,…

Aviva Investors Provides Further £50 Million to Self Storage Firm Big Yellow Group

Aviva Investors, the global asset management business of Aviva plc, announces that it has completed a further £50 million financing agreement with Big Yellow Group, the UK-based self storage company, as it continues to expand its sustainability-linked financing programme. This facility includes a set of sustainability goals and indicators which are ambitious and fully aligned with our Sustainable Transition Loans framework, as we continue to seek ways of making sustainability a more material consideration for borrowers and support the transition towards a low-carbon future.” The loan, a seven-year facility, is…