Storage King is once again pleased to announce the continued expansion of their portfolio through the acquisition of Oxford Storage King which has operated as a managed store since 2008. This latest acquisition brings the total number of owner-operated facilities in the UK to 12, with a further 11 franchised sites and one under full management totalling 24.
The freehold store was acquired at 45% MLA occupancy, and when fully fitted out will offer a maximum of 58,405 square feet of net lettable space for both residential and business customers in the Oxford area.
Robin Greenwood, Storage King CEO explained that for the fourth year in a row Storage King had demonstrated its commitment to purchasing quality assets in the Self Storage sector. This is the sixth acquisition since May 2011 and was a natural addition as the store was already part of the Storage King family: "I am really pleased that we agreed terms with the owner of the Oxford Storage King, the store has operated under our brand name since it opened in 2008 so in terms of customers perception there will be very little change. The store has tremendous potential and I am excited by the prospect of having stores in both Oxford and Cambridge".
Emma Chesterton-Kay, Acquisitions and Development Manager added "the Oxford store is a great addition to the Storage King portfolio and has been on our wish list for some years. The store offers both self storage and office space and is in a good, prominent location benefiting from high volumes of passing traffic".
The purchase of Oxford Storage King was supported through the strong financial backing provided by Cabot Square Capital LLP and a new £4 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.