Introducing Storage King
In November 2017 Stor-Age acquired a 97.3% interest in Storage King, the sixth-largest self storage brand in the United Kingdom.
The acquisition represented an opportunity to acquire a portfolio of well-located properties and a growth platform with well-invested infrastructure and an experienced management team. The team have considerable industry experience and a track record of demonstrable operational management, improvement and acquisitive growth.
Storage King operates 26 well-located properties throughout England.
- 6th largest operator in the UK by number of stores
- Owns 14 properties (‘Core Portfolio’) – nine freehold and five leasehold, with an average 14.5 year unexpired lease-term
- In addition to the Core Portfolio, a further 12 properties trade under license of the Storage King brand, generating license and management fee revenue
- Highly scalable, well-invested infrastructure and experienced management
- Additional upside growth potential – operational cost savings and revenue enhancement
- Well positioned to secure upcoming opportunities via long-established relationships with independent operators
- Well located, with a bias towards the South-East and East
- Near key market towns and major arterial roads
GLA614 000 sqf
Average rental rate£21.13 per sqf pa
Average store size44 000 sqf
- Established management team in place, with significant ‘on the ground’ experience
- Established operating platform, high quality property portfolio and pipeline of opportunities
|The UK market presents a strong growth opportunity.|
Self storage properties, offering approximately 44.6 million sqf of space
Occupancy on current lettable space
Y-o-Y increase in total space occupied
|29 600 sqf
Average size of store
Total space available to customers
Added in 2017, with 70 new stores added
Properties owned or managed by large operators
The UK holds 48% of total European self storage market
|Occupancy and profitability growth indicates demand is growing faster than supply|
|Source: The Self Storage Association UK annual industry report, 2018|
The UK self storage industry is well-established and competitive, however when compared to the US and Australian markets, it represents a relatively immature market with significant growth opportunities, supported by attractive sector fundamentals.