Babcock & Brown buys Space Maker

Global investment and advisory firm Babcock & Brown has bought UK-based self storage operator Space Maker for £63m. Babcock & Brown said the acquisition was part of its strategy of building an international portfolio of self storage assets in markets where it can create value through development and refurbishment. Andrew Dawson, from Babcock& Browns Real Estate Division, said: “This transaction provides the company with the opportunity to acquire a solid operating business platform in an industry that is undergoing significant, sustainable growth, with a diversified risk profile.” Space Maker was established in 2000 by property entrepreneurs David Hicks and Dougald McLachlan. It now operates from 10 centres in the UK, nine located in the south of England and one in Leeds. The company has a net lettable area of 484,431 sq ft and employs 50 staff. Jones Lang LaSalle’s Corporate Finance division coordinated the sale process. Space Maker, which is backed by wealthy US investors, was set up seven years ago. Its turnover has increased 11-fold over the last five years. nathan.cross@rbi.co.uk