UK’s oldest private self storage company sold to Heitman LLC
JLL advises Space Station on sale
JLL has advised Space Station, the UK’s oldest private self storage company, on the off-market sale of 10 assets across London and the south east. The 374,000 sq ft portfolio has been acquired by Heitman LLC for an undisclosed sum.
The deal includes five assets that were owned by Space Station, totalling 244,000 sq ft, in Chiswick, Uxbridge, Brentford, Slough and Isleworth and five assets that it managed which comprise 130,000 sq ft and are located in St Johns Wood, Swiss Cottage, Cricklewood, Solihull and Kings Heath.
Space Station was founded in the UK in 1983 by Alastair Caldwell. Kevin Prince, CEO at Space Station will retain his position within the business.
Tom Caines, director in alternative investment at JLL, who acted on behalf of Space Station, said: “As detailed in JLL’s EMEA survey, the self storage sector has shown remarkable resilience through the pandemic, with average occupancy levels rising between February and June. These factors are fueling the steady stream of new entrants into the market year on year. The portfolio, which is relatively mature at 84% occupancy, is the perfect seed platform for Heitman’s ambitious growth strategy and we’re excited to see how they develop this in the coming years.”
Kevin Prince, CEO at Space Station added: “Space Station has been owned by the Caldwell family since it was founded in 1983, so the decision to sell their shares was understandably a difficult one. The family was keen to find an investor that would develop the brand that they had nurtured for so long and maintain the long-established company values. JLL’s unprecedented knowledge and experience within the sector enabled us to find a buyer that not only satisfies the shareholders requirements but will also provide funding and expertise to make Space Station one of the fastest growing operators in the UK.”
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