Lok’nStore extends £75m facility

Lok’nStore has extended its £75m banking facility with Royal Bank of Scotland and Lloyds Bank by one year in a bid to secure funding for more site acquisitions. The self-storage operator used one of two of its extension options for the facility, which will now expire in April 2025. The current all-in debt cost on the £51.2m which has been drawn down averages between 1.6% and 1.7%. Andrew Jacobs, chief executive of Lok’nStore Group, said: “This extension of our existing banking facility with its extremely competitive terms and flexible structure underlines the financial strength of Lok’nStore. “Our current pro forma loan-to-value ratio is 19.9% net of cash, with a pro forma cash position of £12.6m.” Last month, the company received planning permission for two new 60,000 sq ft self-storage facilities in Warrington, Cheshire, and Stevenage, Hertfordshire, increasing its portfolio to 48 sites, including 12 in the development pipeline.   To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette