A self-storage business headquartered in Frome was bought by UK firm Storage King. The deal includes more than 300,000 square feet of space, including a 102,000 square foot facility in Amesbury that is currently under construction.
Storage King, which is owned by South Africa's largest self-storage company, Stor-Age Property REIT, will now operate Storagebase's assets, which comprise four storage facilities in the south of England. Stor-Age Self Storage has announced the cost of this deal was £59 million.
Storagebase has developed from a single site operation to a £4 million turnover business with more than 3,500 storage units across locations in Banbury, Wednesbury and Frome during the last 20 years.
A spokesperson for Storagebase said: "I'm extremely proud of the business we have developed over the past two decades, with our market-leading occupancy levels testament to the outstanding facilities we've created for our diverse base of commercial and domestic customers.
"This was reflected in the number of high-quality potential acquirers FRP brought to the table to not only recognise the value of our store portfolio but also the model that we have created.
"Critically, Storage King shares the all-important cultural fit that will benefit our customers and team in the future as they take the business forward together."
Storage King Chief Executive, Robin Greenwood, added: "We are pleased to have purchased this excellent portfolio and I would personally like to thank both FRP and the managing director of Storagebase for working with us through this process.
"This acquisition forms part of our growth strategy to increase the footprint of our portfolio across the UK, and we are excited to welcome the existing staff into our group."
Source - Insider Media
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