Lok’n’Store has sold four freehold sites for £39m.
The storage firm will continue to manage the stores, located in Basingstoke, Cardiff, Horsham and Portsmouth, which were sold at a 22.8% premium to a July 2021 valuation.
The proceeds, it said, will be reinvested in new stores. Lok’n’Store currently has three acquisitions in the hands of lawyers, which form part of its 12-store pipeline. Any new targets will be “over and above this pipeline”, it said.
Lok’nStore will receive management and performance fees for managing them on behalf of their new owner, and they will retain their Lok’n’Store branding.
Executive chair Andrew Jacobs said: “The cash generated from this transaction will support the further expansion of our new Landmark store pipeline. Our strategy remains unchanged, to recycle capital to deliver a faster growing return, which allows us to increase the rate of dividend growth for shareholders.”
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