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…

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…

Mayfair Capital Enters UK Self-Storage Market With Purchase of The Storage Team

U.K.-based Mayfair Capital Investment Management Ltd. has acquired The Storage Team (TST) in Northwest England. The transaction marks Mayfair’s entry into the self-storage sector. The transaction includes all TST branding, intellectual property and real estate as well as the formation of a joint venture to manage and scale the portfolio, according to a press release. TST operates self-storage in St. Helens, Widnes and Wigan, England. Subsequent to the sale, Mayfair acquired three more existing facilities and two conversion properties it intends to open next year. The additions will expand the…

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…

Self-Storage Company Opens New Branch In Shrewsbury

Self-storage company, Space Station, has announced the newest expansion to its UK operations with the opening of a new facility in Shrewsbury. Up to 750 individual storage units are available to rent. The new store boasts a sizable 57,000 square feet of storage space available for local customers and businesses, which includes up to 750 individual storage units to rent, providing a boost to the accessibility of externally sourced storage in the local Shropshire community. After purchasing from fellow storage company, Rent a Space, Space Station officially opened its doors…

Budgeting For The Big Stuff: How To Reserve Funds For Your Self-Storage Capital Expenditures

If an expensive component of your self-storage facility breaks, like your HVAC unit, will you have the necessary funds for repair or replacement? Without dipping into your operating cash flow? You will if you have a plan for ongoing capital expenditures! Find out how to create a budget and build up a reserve. One of the most attractive features of owning a self-storage property is low ongoing capital expenditures (capex). Unlike with multi-family, office or even retail properties, there’s very little required to keep the operating cash flowing. But while…

Go-ahead For Self-Storage Business At Old Cheltenham Lidl

The ground floor vacant supermarket in Grosvenor Terrace will have 173 individual storage lockers. Controversial plans to convert a former Lidl supermarket into a self-storage site in Cheltenham have been approved. Away Cheltenham Ltd has been granted permission to change the use of the ground floor vacant supermarket in Grosvenor Terrace and install 173 individual storage lockers there. They say these facilities are aimed at serving city centre residents and local businesses who need additional stock room space or furniture and IT storage. The initial plans included installing a 40ft…