{"id":906,"date":"2022-02-03T14:28:05","date_gmt":"2022-02-03T14:28:05","guid":{"rendered":"https:\/\/listselfstorage.com\/uk\/industry-insights\/?p=906"},"modified":"2022-02-03T14:28:05","modified_gmt":"2022-02-03T14:28:05","slug":"loknstore-strikes-39m-sale-and-manage-back-deal","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/uk\/industry-insights\/loknstore-strikes-39m-sale-and-manage-back-deal\/","title":{"rendered":"Lok\u2019nStore Strikes \u00a339M Sale And Manage-Back Deal"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\"><span style=\"color: #33475b;\">Lok&#8217;nStore has agreed on the sale and manage-back of four of its freehold sites in a deal worth \u00a339m.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\"><span style=\"color: #33475b;\">Self-Storage Trading LLP \u2013 an institutional managed-store client \u2013 is behind the acquisition, which concerns stores in Basingstoke, Cardiff, Horsham, and Portsmouth.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\"><span style=\"color: #33475b;\">These will remain branded Lok&#8217;nStore operations maintaining the operational footprint of the business.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\"><span style=\"color: #33475b;\">The net proceeds of the sale will be &#8220;recycled quickly&#8221; into new stores. Lok&#8217;nStore already has three further sites with lawyers and a number of other opportunities progressing.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\"><span style=\"color: #33475b;\">Executive chairman Andrew Jacobs said: <em>&#8220;This transaction, at a 22.8 percent premium to the July 2021 independent valuation, demonstrates the value Lok&#8217;nStore is creating and the growing institutional demand for UK self-storage assets. <\/em><\/span><\/span><\/span><em><span style=\"font-family: Arial, sans-serif;\"><span style=\"font-size: medium;\"><span style=\"color: #33475b;\">&#8220;The \u00a337.2m of net cash generated from this transaction will support the further expansion of our new Landmark store pipeline. Our strategy remains unchanged, to recycle capital to deliver a faster-growing return, which allows us to increase the rate of dividend growth for shareholders.&#8221;<\/span><\/span><\/span><\/em><\/p>\n<p><a href=\"https:\/\/www.insidermedia.com\/news\/south-east\/loknstore-strikes-39m-sale-and-manage-back-deal\"><strong>Source<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lok&#8217;nStore has agreed on the sale and manage-back of four of its freehold sites in a deal worth \u00a339m. Self-Storage Trading LLP \u2013 an institutional managed-store client \u2013 is behind the acquisition, which concerns stores in Basingstoke, Cardiff, Horsham, and Portsmouth. These will remain branded Lok&#8217;nStore operations maintaining the operational footprint of the business. The net proceeds of the sale will be &#8220;recycled quickly&#8221; into new stores. Lok&#8217;nStore already has three further sites with lawyers and a number of other opportunities progressing. Executive chairman Andrew Jacobs said: &#8220;This transaction, at&hellip;<\/p>\n","protected":false},"author":13,"featured_media":907,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,5],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/906"}],"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=906"}],"version-history":[{"count":1,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/906\/revisions"}],"predecessor-version":[{"id":908,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/posts\/906\/revisions\/908"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media\/907"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/media?parent=906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/categories?post=906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/uk\/industry-insights\/wp-json\/wp\/v2\/tags?post=906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}