Storebox Self Storage, part of Spectrum Storage Group, has secured a £32.4m refinancing deal with ESR Europe, the European platform of ESR Group.
The company will use the funding to refinance its existing loans and facilitate the acquisition of the MyLockup self-storage portfolio.
Nick Crawford, co-CEO of Oakglen, Spectrum’s lead shareholder, said: “We are pleased to have closed this financing with ESR to support the continued growth of Spectrum Storage Group. We have been impressed by the ESR team’s ability to underwrite and execute on a multi-jurisdictional portfolio of operational assets and look forward to working with them to execute on our ambitious business plan.”
Surendra Ragunather, CEO of Storebox, added: “The MyLockup transaction is transformational for us. It extends our reach to the Northeast by adding 10 established indoor facilities, a development pipeline, great people, and creating a national footprint. Together with Lovespace’s logistics and tech capabilities, we will be extending our product range and service offering to our customers.”
George Cotterell, managing director, debt investments at ESR Europe, said: “This acquisition loan delivers strong diversified income from day one through exposure to a growing and resilient alternative real estate sector. We are delighted to work with the impressive Storebox team to facilitate a milestone acquisition for their business.”
Beatrice Dupont, co-head of debt investments at ESR Europe, added: “The retrenchment of traditional real estate lenders means we continue to see a strong pipeline of high-quality credit opportunities for our funds. We are pleased to add the Storebox loan to our portfolio and look forward to executing new deals.”
Storebox was advised by the JLL debt and structured finance team.
