Spectrum Storage Group, a newly formed joint venture between Storebox Self Storage Ltd. of Ireland and the United Kingdom and valet-storage provider Lovespace, acquired 13 properties from MyLockup in Northeast England, 10 that are operational and three in planning phases. Spectrum now operates 26 locations comprising 527,000 square feet of self-storage space, according to a press release.
The 10 existing MyLockup sites comprise 186,730 square feet of rentable space. The three that are approved for development will add another 111,000 square feet.
The acquisition was achieved with the support of Spectrum’s lead investor, Oakglen Group, which has interests in real estate, private equity and financial services in Europe, North America and the U.K. The Oakglen team sourced the opportunity, underwrote and procured financing for the deal, and worked with Spectrum’s management team across all aspects of the transaction, the release stated.
“The acquisition of MyLockup is a transformative step for Spectrum Storage Group. It not only significantly increases our footprint in the U.K. but also aligns with our vision of becoming the leading omnichannel self-storage provider,” said Spectrum CEO Will Edwards. “By integrating Lovespace’s innovative technology, we are well-positioned to deliver unparalleled service and value to our customers.”
“We are excited about the potential that this acquisition brings,” added Nick Crawford, co-CEO of Oakglen. “The combined expertise and resources of Storebox, MyLockup and Lovespace will create a formidable presence in the self-storage industry. Our commitment to sustainability and innovation will drive growth and set new standards in the market.”
Spectrum was formed earlier this month to create an omnichannel self-storage platform that offers doorstep collection and delivery, drive-up container storage, and indoor self-storage It operates two facilities in Ireland and 14 in the U.K.
