Lok'nStore Group PLC Acquisitions (8462Q)
June 11 2018 - 2:00AM
UK Regulatory
TIDMLOK
RNS Number : 8462Q
Lok'nStore Group PLC
11 June 2018
11 June 2018
Lok'nStore Group plc ("Lok'nStore" or "the Company")
Acquisitions
"Two further landmark stores added to exciting development
pipeline"
Lok'nStore, the fast-growing self-storage Company, is pleased to
announce the acquisition of two new freehold sites as part of its
strategy of developing landmark stores.
In Cardiff, the Company has acquired a property in a prominent
location on the busy Penarth Road. The refurbishment of the
existing building and fit out of the store, at a total capital
expenditure of circa GBP5 million, will commence shortly and the
store will be open in early 2019 delivering around 45,000 lettable
feet.
In Cheshunt, Hertfordshire, the Company has acquired a 2.2-acre
development site in a prominent location facing the busy A10 and in
the vicinity of a major retail park. Our objective is to develop a
60,000 sq. ft. landmark store. Building work will commence in
Autumn 2019 following completion of all relevant planning matters.
The net capital expenditure of this project will be in the range of
GBP7- GBP10 million and the store will open in late 2020.
Both stores will be funded from cash flow and existing bank
facilities.
These 2 new stores bring our total secured pipeline to 9
landmark stores. This pipeline adds 39% to owned freehold trading
space and 54% to the managed store portfolio, delivering a total of
32% increase to overall trading space.
These eye-catching buildings, with their distinctive orange
Lok'nStore branded livery and prominent signage, create highly
visible landmarks, which continue to be a big contributor of new
customers. Eight of these new stores will be open by the end of
2019, with Cheshunt following in 2020. Further sites are under
consideration as the Company pursues its growth strategy.
Andrew Jacobs, CEO of Lok'nStore said:
"These two new landmark locations add to the recent rapid growth
in our pipeline of stores. We are delivering our objective of
growing rapidly by acquiring sites to develop new landmark stores
from the balance sheet and to increase the number of stores we
manage under the Lok'nStore brand for third parties. In executing
our strategy, we are producing predictable growth in dividends for
investors from an increasing number of stores underpinned by an
increasing asset base and strong balance sheet".
-Ends-
Enquiries:
Lok'nStore
Andrew Jacobs, CEO
Ray Davies, Finance Director 01252 521010
finnCap Ltd
Julian Blunt/Giles Rolls, Corporate Finance
Alice Lane, Corporate Broking 020 7220 0500
Camarco
Billy Clegg/Tom Huddart 020 3757 4980
Notes to Editors
Lok'nStore is one of the leading companies in the fast growing
UK self-storage market, currently operating 28 highly visible,
distinctive orange livery stores in prominent locations in
South-East England and two serviced document storage sites.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
This information is provided by RNS, the news service of the
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END
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