Storage King continues expansion of their portfolio through the acquisition of five franchise stores
Storage King is pleased to announce the continued expansion of their portfolio through the acquisition of five stores trading under Storage King’s franchisee licence, bringing the total number of owner operated UK Storage King facilities to 21.
The five self storage facilities, which were trading under licence of the Storage King brand, were purchased from Flexi Store Self Storage Limited. The facilities are based in Dudley, Nottingham, West Bromwich, Shrewsbury and Warrington.
Robin Greenwood, CEO of Storage King comments, “Despite the uncertainty caused by Brexit, the United Kingdom self storage market continues to show positive growth. This was a long and complex purchase and I would like to thank both the sellers and JLL for their hard work and patience. We are excited to welcome the Dudley, Nottingham, Shrewsbury, Warrington and West Bromwich properties into our owner operated portfolio.”
All five properties fall within Storage King’s strategy of acquiring high quality self storage facilities in prime locations across the United Kingdom. The acquisition increases the company’s owner operated GLA by 190,333 sq ft to nearly 900,000 sq ft.
Commercial real estate firm JLL, who facilitated the transaction, believes that the deal demonstrates the continued appetite for portfolios across the UK. Comments Tom Caines from JLL, “This is something we’ve seen throughout 2019 from both operators and new sources of capital. It has been a standout year for transactions in the sector, and we’re delighted to see Storage King continue their position as a key consolidator in the market.”
Storage King is currently the sixth largest self storage company in the UK and was acquired by South Africa’s largest self storage company Stor-Age in November 2017. Stor-Age will settle the purchase consideration of the acquisition through a combination of equity and in cash, funded from the company’s existing debt facilities.
Storage King has embarked on a strategic expansion plan and continues to look for high quality, well-positioned self storage sites to be added to their growing portfolio.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.