Self-storage company Storex plans to grow its Greater London portfolio with the help of a £30.2m loan from digital bank OakNorth.
EQT Exeter-backed Storex is already developing and operating storage facilities in locations such as Brentford, Watford and Loughton.
It now plans to develop new sites in Sunbury, Surrey and Cricklewood. Together the sites will offer a total of 2,421 storage units, ranging from 16 sq ft to 300 sq ft.
Greg Manson, director of debt finance at OakNorth, said: “The [self-storage] market continues to experience significant growth, driven by people who are reconfiguring their homes to accommodate hybrid working or unable to upsize and instead choosing to put their possessions elsewhere. EQT has an impressive management team and reputation as a leading global sponsor, and this transaction represented the perfect opportunity to become part of its growth journey.”
The company is not alone in its intention to expand in the self-storage market, which hit turnover of £1.1bn last year.
Investor-developer Woodbourne Group announced its intentions to create a portfolio of 10 facilities last month, while investor Hines started building a £200m portfolio of self-storage assets with the acquisition of a three-asset portfolio in Kent in May.
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