{"id":2128,"date":"2024-04-11T12:31:40","date_gmt":"2024-04-11T12:31:40","guid":{"rendered":"https:\/\/listselfstorage.com\/uk\/industry-insights\/?p=2128"},"modified":"2024-07-04T10:56:20","modified_gmt":"2024-07-04T10:56:20","slug":"self-storage-giant-shurgard-to-buy-uks-loknstore-for-378-million","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/uk\/industry-insights\/self-storage-giant-shurgard-to-buy-uks-loknstore-for-378-million\/","title":{"rendered":"Self-Storage Giant Shurgard to Buy UK\u2019s Lok\u2019nStore for \u00a3378 Million"},"content":{"rendered":"


\n

\"European
Under the agreement, Lok\u2019nStore shareholders are set to receive 1,110p per share<\/figcaption><\/figure><\/p>\n

Following several successful acquisitions over the past year, I am excited to disclose this new acquisition in the UK, which doubles our presence in the country, and accelerates our growth and expansion strategy.\u201d – \u00a0Marc Oursin, Chief Executive – Shurgard<\/span><\/span><\/span><\/p><\/blockquote>\n

The deal will add 43 sites in England and Wales to Shurgard\u2019s portfolio, the business said.<\/span><\/span><\/span><\/p>\n

One of Europe\u2019s biggest self-storage companies has offered \u00a3378 million to shareholders of London-listed Lok\u2019nStore to buy it off the stock exchange.<\/span><\/span><\/span><\/p>\n

A deal which the two companies\u2019 boards announced on Thursday would give Shurgard access to Lok\u2019nStore\u2019s 43 self-storage shops which are scattered across England and Wales.<\/span><\/span><\/span><\/p>\n

It will, for the first time, see Shurgard enter the south-east of England where Lok\u2019nStore has 32 sites and is developing another five. Shurgard also said it would get its hands on five Manchester sites, three of which are being developed at the moment.<\/span><\/span><\/span><\/p>\n

Lok\u2019nStore was founded in 1995 and has since expanded across England and Wales. A lot of its sites are very new, with 43% of the portfolio being built since January 2022.<\/span><\/span><\/span><\/p>\n

It has 171,000 square metres of floor space, of which around 50,000 is still under development.<\/span><\/span><\/span><\/p>\n

Shurgard is much larger. It has 276 stores, 1.4 million square metres of space and services 190,000 customers every year in seven countries.<\/span><\/span><\/span><\/p>\n

The deal will see Shurgard pay \u00a311.10 for every Lok\u2019nStore share it buys, which is 15.9% higher than where shares were trading on Wednesday and slightly higher than their all-time high.<\/span><\/span><\/span><\/p>\n

Lok\u2019nStore chair Andrew Jacobs said: \u201cLok\u2019nStore\u2019s board believes the offer represents significant value for Lok\u2019nStore\u2019s shareholders, recognising the quality of Lok\u2019nStore\u2019s real estate portfolio and operational strength.<\/span><\/span><\/span><\/p>\n

\u201cOver the years Lok\u2019nStore has built a unique portfolio of purpose-built self-storage assets.<\/span><\/span><\/span><\/p>\n

\u201cWe believe that integrating Lok\u2019nStore\u2019s assets and operations into Shurgard is highly complementary considering Lok\u2019nStore\u2019s asset locations and positioning in its markets.\u201d<\/span><\/span><\/span><\/p>\n

Shurgard chief executive Marc Oursin said: \u201cFollowing several successful acquisitions over the past year, I am excited to disclose this new acquisition in the UK, which doubles our presence in the country, and accelerates our growth and expansion strategy.\u201d<\/span><\/span><\/span><\/p>\n

Source<\/span><\/span><\/span><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Following several successful acquisitions over the past year, I am excited to disclose this new acquisition in the UK, which doubles our presence in the country, and accelerates our growth and expansion strategy.\u201d – \u00a0Marc Oursin, Chief Executive – Shurgard The deal will add 43 sites in England and Wales to Shurgard\u2019s portfolio, the business said. One of Europe\u2019s biggest self-storage companies has offered \u00a3378 million to shareholders of London-listed Lok\u2019nStore to buy it off the stock exchange. A deal which the two companies\u2019 boards announced on Thursday would give…<\/p>\n","protected":false},"author":13,"featured_media":2129,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/2128"}],"collection":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/comments?post=2128"}],"version-history":[{"count":2,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/2128\/revisions"}],"predecessor-version":[{"id":2142,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/2128\/revisions\/2142"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media\/2129"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media?parent=2128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/categories?post=2128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/tags?post=2128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}