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PRIVACY
Retail & Consumer

Lok'nStore self-storage acquired by Europe's Shurgard for 拢378m

The deal will double Shurgard's presence in the 海角视频

Lok'n Store self storage centre on Hawley Lane, Hawley, near Farnborough(Image: Surrey Advertiser - Grahame Larter)

European self-storage giant Shurgard has acquired the 海角视频's Lok'nStore in a deal worth £378m. The boards of the two companies told shareholders on Thursday (April 11) they have reached agreement on the terms of a recommended cash offer. The acquisition doubles Shurgard's presence in the 海角视频.

AIM-listed Lok'nStore opened its first store in February 1995 and now has 43 across England and Wales, including in Bristol, Cardiff, Exeter, Gloucester, Farnborough, Ipswich, Leicester, Oldbury, Poole, Swindon and Warrington. It also has five properties under development in the South East of England and three under development in Manchester.

Shurgard is the largest developer, owner and operator of self-storage facilities in Europe, both by numbers of stores and rentable space. It operates 1.4 million sq m of space across 276 stores in seven countries.

Under the terms of the acquisition, Lok'nStore shareholders will be entitled to receive, for each Lok'nStore share, 1,110 pence in cash.

A court-sanctioned scheme of arrangement is expected to take place between Lok'nStore and scheme shareholders, although Shurgard has said it reserves the right to effect the acquisition by way of a takeover offer.

Following the deal, Shurgard will acquire 171,000 sq m (including 121,000 sq m of operating stores and 50,000 sq m of secured development pipeline. Some 76% of the assets are purpose built, with 43% of the portfolio built since January 2022. The acquisition also brings with it income from 17 stores under management contract with one management contract store in the pipeline.

Marc Oursin, chief executive officer of Shurgard, said: "We are excited about our ability to acquire, develop, and expand in the 海角视频 alongside our other European markets."

Andrew Jacobs, chair of Lok'nStore, added: "Lok'nStore's board believes the offer represents significant value for Lok'nStore's shareholders, recognising the quality of Lok'nStore's real estate portfolio and operational strength. Over the years Lok'nStore has built a unique portfolio of purpose-built self-storage assets.