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
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GLA614 000 sqf
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Average occupancy78.2%
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Average rental rate£21.13 per sqf pa
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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. | ||
| 1 505 Self storage properties, offering approximately 44.6 million sqf of space |
76.1% Occupancy on current lettable space |
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| 8.8% Y-o-Y increase in total space occupied |
29 600 sqf Average size of store |
44.6m sqf Total space available to customers |
| 2.4m sqf Added in 2017, with 70 new stores added |
30% Properties owned or managed by large operators |
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| 48% 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.
