{"id":735,"date":"2021-11-29T11:23:44","date_gmt":"2021-11-29T11:23:44","guid":{"rendered":"https:\/\/listselfstorage.com\/uk\/industry-insights\/?p=735"},"modified":"2021-11-30T14:25:13","modified_gmt":"2021-11-30T14:25:13","slug":"uk-self-storage-operator-storage-king-secures-50m-to-fund-expansion","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/uk\/industry-insights\/uk-self-storage-operator-storage-king-secures-50m-to-fund-expansion\/","title":{"rendered":"UK Self-Storage Operator Storage King Secures \u00a350M to Fund Expansion"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span style=\"color: #000000;\"><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\"><i>Storage King, which operates 29 self-storage properties in the United Kingdom, has secured \u00a350 million in funding from British banks HSBC UK and Santander UK to help fuel future growth. The company intends to expand several existing sites as well as add two to four new facilities annually over the next five years, according to a press release.<\/i><\/span><\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Arial, sans-serif;\">The Storage King portfolio has performed well over the last 18 months, growing in physical occupancy from 75% to 90%, the release stated. The company attributed the progress to increased demand stemming from residential moves and other factors related to the pandemic.<\/span><\/span><\/p>\n<p><em><span style=\"color: #000000;\">\u201c<span style=\"font-family: Arial, sans-serif;\">We have ambitious plans to continue growing our U.K. portfolio both through new developments and the acquisition of trading properties, and this new facility will play an important role in supporting that growth,\u201d<\/span><\/span><\/em><span style=\"color: #000000;\"><span style=\"font-family: Arial, sans-serif;\"> said Gavin Lucas, CEO of Storage King parent company Stor-Age Property REIT.<\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Arial, sans-serif;\">Funding was split evenly between the two banks. The \u201cclub\u201d package comprises a three-year term loan\u00a0and revolving credit facility, which will allow Storage King to refinance and restructure its debt, according to the release.<\/span><\/span><\/p>\n<p><span style=\"color: #000000;\"><span style=\"font-family: Arial, sans-serif;\">The Storage King portfolio includes owned facilities as well as properties under licensing and management agreements. The company was acquired in 2017 by Stor-Age, which operates the Stor-Age Self Storage brand in South Africa.<\/span><\/span><\/p>\n<p><strong><a href=\"https:\/\/www.insideselfstorage.com\/investing-and-real-estate\/uk-self-storage-operator-storage-king-secures-%C2%A350m-fund-expansion\"><span style=\"color: #000000;\"><span style=\"font-family: Arial, sans-serif;\">Source<\/span><\/span><\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Storage King, which operates 29 self-storage properties in the United Kingdom, has secured \u00a350 million in funding from British banks HSBC UK and Santander UK to help fuel future growth. The company intends to expand several existing sites as well as add two to four new facilities annually over the next five years, according to a press release. The Storage King portfolio has performed well over the last 18 months, growing in physical occupancy from 75% to 90%, the release stated. The company attributed the progress to increased demand stemming&hellip;<\/p>\n","protected":false},"author":13,"featured_media":736,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/735"}],"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=735"}],"version-history":[{"count":2,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/735\/revisions"}],"predecessor-version":[{"id":775,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/735\/revisions\/775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media\/736"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media?parent=735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/categories?post=735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/tags?post=735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}