Lok'nStore Group to Acquire Chichester Store from Gypsy Moth Storage for GBP 4m.
MANews-(C)2009-2021
UK-based self-storage company Lok'nStore Group plc has acquired the Lok'nStore managed store in Chichester from Gypsy Moth Storage Ltd. for GBP 4.025m (USD 5.5m), and divested its freehold land site at Pantheon Park, Wolverhampton, the company said.
Lok'nStore will pay in aggregate, approximately GBP 4.16m (USD 5.69m) in cash with associated costs and stamp duty. The acquisition will be funded from the Group's existing bank facilities.
Lok'nStore has sold its freehold land at Pantheon Park, Wolverhampton to GMS, with the full benefit of the planning permission and all accumulated planning and design work for a new storage services facility for a total cash consideration of GBP 1.523m (USD 2.08m).
Sales proceeds will be used to offset the cost of the acquisition of the Chichester Store, as above.
Following this sale...
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