Self-storage group Lok’nStore has completed the sale of its undeveloped site in Portsmouth north harbour for £3m in cash.
The sale price equates to the site’s July 2015 book value. The deal was originally announced in November 2014 and was conditional upon the buyer obtaining planning permission.
The sale completed on 29 July 2016.
The proceeds of the transaction will be invested into projects such as the new stores in Wellingborough, Northamptonshire.
Lok’nStore Group chief executive Andrew Jacobs said: “The completion of this sale is another step in the continued expansion of our operating business while keeping a tight lid on leverage.”
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