Storebox Self Storage has secured a £32.4m commercial real estate loan from ESR Europe.
The facility was used to refinance Storebox’s existing loans and to go ahead with the acquisition of the MyLockup self-storage portfolio. After the close of the deal, Storebox’s portfolio comprises 29 self-storage buildings across England and Ireland.
Storebox is part of Spectrum Storage Group, which was formed last month by the merger of Storebox and LOVESPACE. The addition of MyLockup to the Spectrum portfolio will create the seventh largest self-storage operator in the UK.
Surendra Ragunather, chief executive of Storebox, said: “The MyLockup transaction is transformational for us. It extends our reach to the North East by adding 10 established indoor facilities, a development pipeline, people, and creating a national footprint.”
George Cotterell, managing director of debt investments at ESR Europe, said: “This acquisition loan delivers strong diversified income from day one through exposure to a growing and resilient alternative real estate sector.”
Storebox was advised by the JLL debt and structured finance team.
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