2nd Apr 2007 07:01
Lok'n Store Group PLC02 April 2007 2nd April 2007 Lok'nStore Group plc ("Lok'nStore") Acquisition of site - Breaks 1 million square feet Lok'nStore, the fast growing AIM listed self-storage Company, is pleased toannounce that it has acquired the freehold of a new build site on Edinburgh Way,Harlow. This takes the Company's total lettable square footage to 1,023,000, breakingthe 1 million square feet barrier for the first time. 62% of this space is heldfreehold and 38% leasehold. The store will carry Lok'nStore's distinctive orange branding and provide 69,000square feet of self-storage space. The store is prominently located opposite abusy retail park. The site has all the necessary planning consents and will cost approximately £5million once fully constructed and fitted out. It is expected to open in spring2008. The decision to acquire more new build site follows the success of Lok'nStore'sfirst new build store at Farnborough overlooking the M3, which is trading welland provides a model for Lok'nStore's future development. Andrew Jacobs, Chief Executive of Lok'nStore Group said: "We are delighted to have broken through our 1 million square feet target,demonstrating our commitment to continued rapid growth. "The larger new build Lok'nStore sites provide a model for our futuredevelopment with their increased prominence, attractive modern designs andhigher margins." - Ends - For further information: Andrew Jacobs, Chief Executive, Lok'nStore Group plc 01252 521 010 Ray Davies, Finance Director, Lok'nStore Group plc 01252 521 010 Jonathon Brill/Billy Clegg/Edward Westropp, Financial Dynamics 020 7269 7157 Rupert Krefting, Paul Gray, Investec 020 7597 5000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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