Posted: 03 September 2014
Storage King is pleased to announce the continued expansion of their portfolio through the acquisition of Doncaster Storage King, which has operated as a franchise store since 2006. This latest acquisition brings the total number of owner operated UK Storage King facilities to 13.
The freehold store, was acquired at 60% occupancy, is fully fitted out and offers a maximum of 39,805 square feet of net lettable space for both residential and business customers in the Doncaster area.
Robin Greenwood, Storage King CEO explained that for the fourth year in a row Storage King has demonstrated its commitment to purchasing quality assets in the Self Storage sector. This is the fifth acquisition since May 2011 and was a natural addition as the store was already a part of the Storage King family: "I am really pleased that we agreed terms with our franchisee Doncaster Self Storage Ltd for the purchase of the Doncaster Storage King store. The store has operated under our brand name since it opened in 2006 so in terms of customers perception there will be very little change. I am sure the staff, store and customers will benefit from an increase in investment in the store as well as being part of a bigger operational group"
Emma Chesterton-Kay Acquisitions & Development Manager added "We are really pleased to add this freehold store to our portfolio, it is in a prominent position near Doncaster Rovers football stadium, a great location with a high volume of passing traffic"
The purchase of Doncaster Storage King was supported through the strong financial backing provided by Cabot Square Capital LLP and a new £1.1 million debt facility provided by National Westminster bank.
Storage King continues to look for high quality, well located, freehold or long leasehold sites to expand their existing portfolio and welcomes approaches from any existing Self Storage operators who are considering marketing their property in the near future. Please contact Robin Greenwood [email protected] or Emma Chesterton-Kay [email protected] for an immediate response.