Ready Steady Store buys Self Store It portfolio

A special purpose vehicle owned by Ready Steady Store has bought a portfolio of eight self-storage assets from Peterborough-based rival Self Store It in a shares deal. It is understood the assets sold for slightly below the £20m guide price. The sites, which total 198,000 sq ft of lettable space, are in Corby, Great Yarmouth, Northampton, Peterborough, Rugby, Wellingborough and Lincoln. The group comprises one long leasehold site and seven freehold assets. Cushman & Wakefield advised on the deal. Oliver Close, a partner in the valuation and advisory team at C&W, said: “The owner is entering retirement and we were approached to advise on the best solution for a disposal of the property portfolio. “We provided this advice and then implemented it by securing a buyer of the shares rather than a property transaction. “As part of this, we conducted a competitive bidding process and we were pleased with the range of buyers who expressed interest in the opportunity.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette