Lok’nStore grows portfolio with six new properties
Self-storage group Lok’nStore has secured three new properties and got the green light for a further three developments which will boosts its footprint by 658,000 sq ft.
The firm has secured three sites in Basildon, Essex, the London Borough of Barking and Altrincham, Greater Manchester, where it will develop 52,000 sq ft, 60,000 sq ft and 50,000 sq ft of storage space respectively.
The development of the sites will cost around £20m but they are expected to produce a 12% return on investment once trading.
Self-storage group Lok’nStore has secured three new properties and got the green light for a further three developments which will boosts its footprint by 658,000 sq ft.
The firm has secured three sites in Basildon, Essex, the London Borough of Barking and Altrincham, Greater Manchester, where it will develop 52,000 sq ft, 60,000 sq ft and 50,000 sq ft of storage space respectively.
The development of the sites will cost around £20m but they are expected to produce a 12% return on investment once trading.
Three newly consented sites in Bedford, Cheshunt in Hertfordshire and Broadstairs in Kent will add 50,000 sq ft, 60,000 sq ft and 40,000 sq ft respectively to the group’s portfolio, boosting its number of assets to 51 when fully developed.
These new stores will be funded from the group’s existing revolving credit facility, operating cash flow, and proceeds from the sale of surplus land. Net debt will rise to around £60m against its current bank facility of £75m as a result, increasing its LTV to between 20% and 25%.
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