Safestore has agreed to buy Space Maker Stores for £43m.
SMS has 12 stores: in Bournemouth (two), Colchester, Redhill, Romford, Brentford, Chelmsford, Exeter, Leeds, Plymouth, Portsmouth and Poole. Six of the stores are freehold or long leasehold, with the other six on leasehold and an average remaining lease of 16.4 years.
Completion of the deal is expected by 29 July. A further £1.4m may be paid six months and three years from the date of completion, subject to the SMS business achieving certain performance targets during that period.
Safestore has managed the portfolio since 2010 through an agreement by which it received £0.6m pa.
On completion, Safestore will have 110 stores, 63 of which are in London and the South East.
