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Self-storage operator Lok’nStore Group announced the first deployment of capital from its recent placing on Monday, as it acquired a new 60,000 square-foot freehold \u2018landmark\u2019 site in Eastbourne, Sussex.<\/span><\/span><\/span><\/p>\n The AIM-traded firm said the move was the beginning of its expansion plans, following the significant injection of \u00a319.8 million in funding.<\/span><\/span><\/span><\/p>\n It said unconditional contracts for the new site had been exchanged, with the Eastbourne location providing an opportunity for the company to establish a presence in the Sussex region, catering to growing demand.<\/span><\/span><\/span><\/p>\n In addition to the new acquisition, Lok’nStore said it was continuing to progress with ongoing store development projects at Staines, Basildon, and Kettering.<\/span><\/span><\/span><\/p>\n \u201cFollowing our share placing earlier this month which provided \u00a319.8m of funding, we are pleased to announce the purchase of a strategic landmark freehold site in Eastbourne, Sussex,\u201d said chair Andrew Jacobs.<\/span><\/span><\/span><\/p>\n \u201cRevenue momentum continues to be strong in the second half, and we continue to deliver on our strategy to open more new stores in the under-supplied UK self-storage market.\u201d<\/span><\/span><\/span><\/p>\n Jacobs noted the company had opened two stores in the current financial year, and was onsite at a further three stores.<\/span><\/span><\/span><\/p>\n