Lok'nStore Group plc (LOK.L), a fast growing self-storage company, announced Thursday the sale of its Swindon store for 3.5 million pounds in cash to an investment fund.
Lok'nStore has operated two stores in Swindon, one leasehold and one freehold, historically. The two stores were consolidated into one following the completion of 0.5 million pounds of capital expenditure to increase capacity at its freehold store. This freehold store has now been sold.
The two stores were valued at a total of 1.4 million pounds at July 31, 2014.
Lok'nStore said it will continue to manage the store as a branded Lok'nStore operation on behalf of the investor, and will receive management and performance fees.
The proceeds of this transaction will be recycled into projects such as the new stores currently under construction in Southampton and Bristol.
Following this transaction and completion of stores currently under construction Lok'nStore will be operating 26 self-storage centres and 2 document stores.
Lok'nStore group will announce results for the financial year to July 2015 on October 19.
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