Category: Recent Transactions

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…

H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with over $47 billion of equity capital under management, announced today that an affiliate has acquired an interest in Titan Storage Solutions (“Titan”), a fast-growing self-storage operator and owner of 5 assets for a total of 142,000 sq. ft. Riccardo Dallolio, Managing Director and Head of H.I.G. Europe Realty in London, commented: “We are delighted to complete this transaction in line with our strategy of investing in platforms with strong underlying secular trends. With platforms in the cold-storage, film-production, and…

Stor-Age previously released a cautionary announcement on 20 January that included far more details than most cautionary do. The company put forward a proposed deal in the UK for four self-storage properties with a total purchase price of GBP37.5 million. The rationale for disclosing the details becomes clear if you look at what else happened that day: a bookbuild to raise R575 million on the market. That capital raise was multiple times oversubscribed and the shares were placed at a discount of just 0.9% to the 30-day volume-weighted average price…

Lok’nStore has agreed on the sale and manage-back of four of its freehold sites in a deal worth £39m. Self-Storage Trading LLP – an institutional managed-store client – is behind the acquisition, which concerns stores in Basingstoke, Cardiff, Horsham, and Portsmouth. These will remain branded Lok’nStore operations maintaining the operational footprint of the business. The net proceeds of the sale will be “recycled quickly” into new stores. Lok’nStore already has three further sites with lawyers and a number of other opportunities progressing. Executive chairman Andrew Jacobs said: “This transaction, at…

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 (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 (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 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 (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…