Lok’nStore to increase portfolio by 44%

Lok’nStore has boosted revenues by 17.3% as it looks to add space. The AIM-listed self-storage company said occupancy and pricing had remained high following 2021’s record-breaking year. Self-storage revenue was up by 17.3%, while same-store revenue was up by 24.9%. However, occupancy dipped from 85.8% to 80.3% as more stores came online, with the amount of let space rising by 55,500 sq ft over the quarter. The 10 store projects in its secured pipeline will increase Lok’nStore’s trading space by 44%. The company said it had four more sites in lawyers’ hands and “many opportunities beyond this”. Executive chair Andrew Jacobs said: “We have made significant progress on our new store pipeline, while remaining conservatively geared, including adding a new Landmark Store site in Bolton, Greater Manchester, in recent weeks. We are onsite at four new stores, all of which will open in 2023, accelerating our earnings growth in the future.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews