The company operates 26 self-storage facilities in the United Kingdom
February 10, 2019: Lok’nStore Group PLC has sold its document-storage business, Saracen Datastore Ltd., to competitor Iron Mountain UK PLC. They have sold it for ?7.6 million. The company is planning to use the funds from the sale to pay down debt and fund for its acquisition and development plans.
The company estimated its loan-to-value ratio would decrease from a percentage of 19.7 to 15.1 as a result of the sale. The company has two storage projects under development these projects will add about 100,000 square feet of storage to its portfolio in the coming year. The company recently acquired an existing, 42,000-square-foot facility. The company operating its facilities in 41 locations, including 21 freehold and eight leasehold facilities.
“Executing this strategic disposal and making these further acquisitions continues our strategy of increasing the number of fast-growing landmark self-storage centers, we are reallocating capital to enhance the efficiency and quality of our portfolio and expand our asset value whilst further strengthening our balance sheet. We take a tactical approach to the management of both property and financial assets, creating value without significantly increasing risk, whilst maintaining the predictable growth in dividends for investors.” said by Andrew Jacobs, CEO.
Lok’nStore founded in 1995. The company builds, buys or leases large warehouses or industrial buildings and rents storage units to customers on a weekly basis.