Category: Finance News

UK Self-Storage Operator Lok’nStore Releases Pre-Close Financial Results for Fiscal 2021

U.K. self storage operator Lok’nStore Group PLC has released pre-close financial results for its 2021 fiscal year, which ended July 31. Self storage revenue increased 20.9% year over year, while physical occupancy across the portfolio grew from 69.6 percent to 85.8 percent. Total occupied space at year-end was up 35.3%, while leased price per square foot grew 8.7%, signaling expectations for continued revenue and profit growth, officials said. Lok’nStore has also remained active with development and believes new supply will contribute to future growth. “We have made significant progress on…

Big Yellow Occupancy and Net Rent Improves in First Quarter

Self storage operator Big Yellow reported a 14.6% improvement in closing occupancy for its first quarter on Thursday, to 4.49 million square feet, as the maximum lettable area across its store estate grew by 6.3% to 4.98 million square feet. The FTSE 250 company said that as a result, its like-for-like closing occupancy was 9.3 percentage points higher year-on-year for the three months ended 30 June, at 92.9%. We are pleased to have delivered a strong trading performance in the first quarter and we have now achieved our long-held goal of…

Self Storage Firm Secures Bank Backing for Expansion

A self storage business with sites across the South East is poised for further growth after securing the backing of Lloyds Bank. Cinch Self Storage has purchased an already-operational 12,500 sq ft facility in Brighton, comprising units ranging from 15 to 250 sq ft. We’re an ambitious and rapidly-growing company, which is reflected by the purchase of our sixth facility in just three and a half years, with more to follow.” The acquisition was backed by a seven-figure loan from Lloyds. Cinch has existing facilities in Bicester, Chippenham, Huntingdon, Letchworth…

Europe/UK Self Storage Operator Safestore Releases Half-Year Fiscal 2021 Results

Self storage operator Safestore Holdings PLC, with locations in Europe and the United Kingdom, has released its interim financial statement for the first half of its 2021 fiscal year, which ended April 30. The company experienced growth in revenue and occupancy for most of its operating portfolio, according to its report. Total revenue for the period was up 10.5% to £88.1 million, with “like-for-like” growth for the group also up 8.3%, using constant exchange rate (CER). Same-store revenue grew 9.1% using CER. Profit before income tax was £167.3 million, up…

Big Yellow Group Completes Armadillo Acquisition with Placing Funds

Big Yellow Group PLC on Thursday said it has completed its acquisition of Armadillo with funds from a recent placing. The Surrey, England-based self storage provider revealed plans to acquire the remaining 80% stake in Armadillo, last Wednesday. The purchase was funded by a placing worth GBP100 million from of 7.8 million shares, priced at 1,290 pence each, completed last Thursday. Big Yellow now owns 100% of Armadillo, which includes both Armadillo Storage Holding Company Ltd and Armadillo Storage Holding Company 2 Ltd. Big Yellow Group shares were trading down…

Abacus (ASX:ABP) Grabs Self Storage Portfolio for $160 Million

Abacus Property Group (ABP) has acquired a portfolio of self storage assets managed by Storage Kings in Sydney for $160 million. The portfolio of five assets provides more than 25,000 square metres of net lettable area and comprises three stores located in Chatswood, Artarmon and St Leonards. The assets are located within tightly held catchments, benefitting from significant self storage demand generated from above average household incomes, large proportions of renters and continually increasing density from apartment development” It also includes a site in Dee Why and a newly developed…

EU Investors Back $100 Million ‘COVID-19 Opportunity Fund’

Jameson Capital secured $25 million from two European cornerstone investors for a $100 million fund that will provide debt and take equity positions in real estate opportunities created COVID-19. Last-mile logistics, childcare, seniors living, self storage, data centres, medium density residential housing and healthcare are being targeted for the so-called special situations fund. As a secured lender will we will also share in exposure to any upside by taking a share of the profits at the end of the project” “We’ll be making loans to asset owners in various sectors,” said…

Safestore and Carlyle’s Joint Venture Acquires Self Storage Portfolio in The Netherlands

Global investment firm The Carlyle Group (NASDAQ: CG) and Safestore (FTSE 250: SAFE) today announced that their joint venture, established in August 2019, has acquired Opslag XL, a self storage operator with three stores in The Netherlands. The portfolio comprises three high-quality self storage stores, including two freehold locations in The Hague and Hilversum regions and one short leasehold in Amsterdam. The assets total c.7,000 sq metres (75,000 sq ft) of maximum leasable area. The Dutch self storage market offers an attractive opportunity given it is a still highly fragmented…

Big Yellow Raises £100 Million for Acquisitions

The self storage company sold 7.75 million new shares for £12.90 each – a 0.9% discount to the closing price on 23 June. The shares represent 4.4% of Big Yellow’s ordinary share capital before the placing. The placing has been successfully completed, and we are very grateful to our shareholders for their support.” The placing raised £100m before costs. Announcing the share sale after the market closed on Wednesday, Big Yellow said it was raising cash to fund £145m of acquisitions. The company will pay £119m including debt to buy…

Self Storage Giant Doubles Size of Wrexham Site After £150K Revamp

Business is booming for a fast-growing self storage company which has just re-opened one of its Wrexham storage parks after a £150,000 refurbishment. That included an extension to their Whitegates facility, on the town’s Queensway, by Lock Stock Self-Storage which has more than doubled its capacity to 130 units with a quarter of a million cubic metres of storage space. This was one of the company’s first sites and opened in 2003 and we added a second site on Ruabon Road four years ago and its 180 storage units are…