US operator StorageMart has acquired Big Box Self Storage for in excess of £100m in the largest ever single self storage transaction in the UK. 

Big Box Self Storage

The portfolio has 15 stores, totalling nearly 700,000 sq ft of self storage across the South East of England including new stores recently developed and opened in Tonbridge, High Wycombe and Colchester

Cris Burnam, president of StorageMart, said: “Big Box is an important entrance into the United Kingdom for StorageMart. We plan to use the substantial self storage platform to grow within the UK.  These are great locations in solid markets, and we look forward to applying our technology platform and revenue management strategies at these stores.”

“Our goal is to bring UK self storage customers a much easier to use and more friendly, stress-free customer experience with world class service.”

Debt funding for Big Box Self Storage was arranged by JLL’s debt advisory team who secured financing from Blackstone Mortgage REIT.

Strong user demand and increasing urbanisation are key factors driving the boom in the self storage market - Ollie Saunders, JLL

The vendors were advised by JLL and asb Law and the purchasers by Clifford Chance.

Ollie Saunders, lead director for alternatives at JLL, added: “There was strong interest in the portfolio from a variety of investors who were attracted to a sector which has demonstrated predictable cash flows and is benefitting from rapidly increasing consumer awareness.  Strong user demand and increasing urbanisation are key factors driving the boom in the self storage market and opening up opportunities for old and new investors alike.”

“Big Box is a great platform for StorageMart to enter the UK market - at a point when it is poised for further consolidation and new store development.”

StorageMart is the world’s largest privately owned storage company with 189 storage facilities and 14.3 million sq ft of rentable storage space in the US, Canada and now the UK.