TLT advises on sale of multi-million pound self-storage operator
The acquisition includes more than 300,000 square feet of space, including a new 102,000 square foot facility under construction in Amesbury, Wiltshire. Storage King is owned by South Africa’s largest self-storage company, Stor-Age Property REIT Limited, which owns over 80 self-storage assets in South Africa and the UK.
The deal involved cross-sector expertise with TLT acting as legal advisers across all aspects of the deal. The team was led by corporate partner James Webb and senior associate Henry Male, supported by Joanna Grover (corporate), David Robert (real estate), Emilie Archer (construction), Mark Braude (tax), Georgia Bew (banking).
TLT partner James Webb commented: “The acquisition of this multi-million pound self-storage operator is reflective of the current opportunities for development in the UK self-storage market. Indeed, whilst the UK is one of Europe’s most mature self-storage markets in terms of supply, it still lags behind markets such as the US and Australia and still offers room for growth and investment.
“The self-storage industry held up well during the pandemic and we’re anticipating a number of factors to continue fuelling success in the industry.
“We’re pleased with the outcome of this deal for one of our long-standing clients and we’re confident that it will enable the business under its new ownership to continue to play a significant part in supporting the self-storage market in the UK in the coming years”.
TLT also worked closely with the team at Bristol-based FRP Corporate Finance, led by partner Mark Naughton, Alex Sargeant and Freddie James.
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