28th Sep 2007 07:03
Lok'n Store Group PLC28 September 2007 28th September 2007 Lok'nStore Group Plc ("Lok'nStore") Acquisition The board of Lok'nStore Group Plc, ("Lok'nStore" or the "Company") the fastgrowing AIM listed self-storage company, is delighted to announce theacquisition of a new site in North Harbour, Portsmouth. The freehold site extends to almost two acres and was purchased for £4.3 millionfunded from existing facilities. The land will be used to build a newself-storage centre of around 60,000 square feet taking the total Lok'nStoreportfolio to 1.1 million square feet. The store will front the A27 to the northof Portsmouth, is opposite a busy retail area and is prominent to the M27. Commenting on this acquisition Andrew Jacobs Chief Executive of Lok'nStore said: "With our recently expanded Fareham store and the new central Portsmouth store,this additional site will position Lok'nStore in highly visible and easilyaccessible locations across the Portsmouth area which is developing rapidly. "We are actively searching for new sites to continue our growth, and arecommitted to our stated expansion plans with £20 million already committed toour pipeline. The current market circumstances may provide a useful buyingopportunity for strong operating businesses like Lok'nStore as propertyinvestors retreat from the market" Preliminary results for the year to 31 July 2007 will be announced on 29 October2007. - Ends - For further information:Andrew Jacobs, Chief Executive, Lok'nStore Group Plc 01252 521 010Ray Davies, Finance Director, Lok'nStore Group Plc 01252 521 010Billy Clegg/Edward Westropp, Financial Dynamics 020 7269 7157Rupert Krefting, Paul Gray, Investec 020 7597 5000 Notes to editors Lok'nStore is the 4th largest self-storage operator in the UK and one of threelisted companies in the sector. Lok'nStore has 1.1 million square foot of lettable space. Lok'nStore currently holds 60% of its space freehold and 40% leasehold. The success of Lok'nStore's first purpose built self storage centre inFarnborough, with its high visibility, immediately adjacent to junction 4 of theM3 motorway demonstrates Lok'nStore's evolving business model of larger, purposebuilt, and prominent, freehold stores. The Company's growth strategy involves the development of purpose built, highlyvisible stores, and the continuing improvement and enlargement of its existingstores. Lok'nStore's new £40m banking facility combined with the £12.5mproceeds from the sale of its Kingston and Woking sites gives significantfirepower for future expansion. Lok'nStore was founded 12 years ago by Andrew Jacobs. The shares were admitted to the OFEX market in 1997 at 38p and moved up to theAIM market in 2000. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Lok N Store