Author: Shinil

Safestore 1Q Revenue, Occupancy Rose On Strong U.K. Performance

Safestore Holdings PLC said Thursday that it’s fiscal 2022 first-quarter revenue and closing occupancy increased thanks to a strong performance in the U.K., complemented by good results from Paris and Spain. The London-listed self-storage company said the strong momentum of the fourth quarter continued into the latest period, as revenue for the three months ended Jan. 31 rose to 50.9 million pounds ($69.1 million) from GBP44.4 million a year earlier. Closing occupancy rose slightly, to 80.8% from 80.1% a year earlier, it said. The company said that its new store…

Change Of Use For Former Industrial Facility In Barrow Proposed

A change-of-use application concerning a former industrial facility has been submitted to barrow borough council by bae systems marine limited. The proposals for the former Robert McBride site in Park Road would see it used for the ‘long-term storage of slow turnover items used at BAE’s other sites within the borough’. “Operations would be carried out on a 24/7 basis, and the facility would ultimately employ up to 40 employees,” says the planning statement submitted as part of the application. The current site comprises 13,470 sq meters of floor space…

Orange Box Self Store Ltd, Barrow Set To Officially Open Next Month

A business owner has converted part of an old working men’s club into much-needed storage space for people in the area. David Clark’s new business venture Orange Box Self Store Ltd is located on Abbey Road, Barrow, next to Abbey Apartments. The huge building, which used to be an old cabaret premise, has been fitted with 29 self-storage units which range from 35 square feet up to 175 square feet, with potential plans for more units depending on demand. David, 54, decided to create the premises into self-storage units after…

H.I.G. Realty Recapitalizes Self Storage Platform in the UK

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…

New Self-Storage Facility In Workington Opens

Cumbria Storage Solutions has opened a new storage facility in Workington. The company has taken over premises at Unit 6 Lowther Road, Clay Flatts following extensive renovation work, including the installation of self-storage units within the main building. The business also operates Cumbria Caravan Storage within a secured compound next to the new facility. Directors Richard and Sarah Miller launched the new facility last year. They both grew up in the Wigton area and now live in Burgh-By-Sands, Carlisle. Richard is a partner in the law firm Burnetts and Sarah…

Moorfield Raises Initial £270m For Fifth UK Value-Add Fund

Moorfield Group has raised £270 million in the first close of its fifth value add fund, Moorfield Real Estate Fund V (MREFV). The capital has been raised from investors based in Europe, Japan, and the US. With appropriate gearing, the fund will have initial investable capital of c.£650 million. ”Achieved against the backdrop of the pandemic, this first close is the latest endorsement of Moorfield’s enviable track record, particularly in the operational real estate sectors where it has consistently been among the first to recognize the potential of emerging sectors,…

UK Self-Storage Operator Lok’nStore Releases Financial Results For Half Year Ending January 2022

U.K. self-storage operator Lok’nStore Group PLC has released financial results for the half-year that ended Jan. 31, 2022. The company’s revenue increased 34.1% over the same time the previous year. The surge was driven by significant improvements in occupancy and pricing, according to a company press release. Company shares increased 1.5% to £10.28. The price per square foot of occupied space increased by 18.5%, and unit occupancy was up 6% over 12 months. Lok’nStore recently sold four of its facilities but will continue to manage them. It’ll use the £37.2…

Self-Storage Site Bid For Old Office Outlet Store Rejected – As It Would Block View Of Chester

Revised plans to demolish the former Office Outlet store on Sealand Road, Chester and replace it with a self-storage facility have been refused on the grounds it is too large and blocks the city’s skyline. Applicants Lok’n’Store, which have been in the self-storage business for 25 years, originally submitted plans for the site, at the junction of Stadium Way, in May 2020. But, following objections and concerns raised from highways and the Environment Agency, planners went back to the drawing board and submitted further information along with revised proposals for…

Big Yellow Has Gone Green! See How This UK Operator Is ‘Doing Its Bit’ For The Planet

U.K. self-storage operator Big Yellow has already made a big name for itself by providing some of the most attractive, efficient storage facilities in the country. Now it’s also looking to make a big impact in the global community through a concerted effort on sustainability and charitability. Not only is the company incorporating eco-friendly and energy-saving products and systems into its operations, but it also aims to be socially and environmentally responsible in other ways, too. Watch this inspiring, live-illustration video to see how Big Yellow is going green and…

Stor-Age Expands In The UK

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…