Alternative asset investor Harbinger has bought The Store Room as part of a major push into the burgeoning self-storage sector.
Harbinger, founded by Christopher Nimmo, is believed to have paid around £20m for the business, according to a source of EG. The Store Room owns and manages a six-strong portfolio spanning 300,000 sq ft in Manchester, Leeds, Bradford, Leicester, Preston and Rotherham.
Nimmo said: “This is a very exciting time for the UK self-storage sector with the market still relatively underserviced in comparison to other developed economies. With the continued trend towards smaller houses and apartments there is increased demand for storage space and we see significant opportunities for growth both through development in key locations and the acquisition of existing facilities.”
The Store Room was founded by managing director Jeremy Bradburn in March 2007, with financial backing from entrepreneur David Hughes. Bradburn will continue to manage the business.
Wealth manager Mattioli Woods co-invested alongside Harbinger in the deal via a syndicate of private clients.
The Store Room was advised by Livingstone Partners; JLL acted for Harbinger.
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