5th May 2016 07:56
LONDON (Alliance News) - Lok'nStore Group PLC on Thursday said it has purchased two new sites for stores, with the stores scheduled to open at the end of 2017.
The self-storage company said the two acquisitions, located in Wellingborough in Northamptonshire and Gillingham, Kent, are subject to planning permission, but said the sites are "in prominent retail locations with large catchment areas and little established competition".
The total capital investment of around GBP10.0 million is to be financed from cash flow and the banking facility signed in January 2016, Lok'nStore said.
Lok'nStore added that, when developed, these stores will increase its capacity by 10%, adding around 110,000 square feet to its portfolio and taking the number of self-storage centres it operates to 28.
"These two, excellent new locations show clear progress in delivering our strategy of developing landmark stores. Trading at our recently opened stores has been encouraging and our strong balance sheet and flexible new banking facility give us the confidence that Lok'nStore can continue to deliver growing dividends for its investors from an increasing number of stores," said Chief Executive Andrew Jacobs.
Shares in Lok'nStore were up 1.1% at 342.20 pence on Thursday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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