JLL has advised on the sale of the Smart Storage portfolio, which has been acquired by Kangaroo Self Storage for c.£13m. Kangaroo Self Storage already own and operate three self storage sites in Glasgow, Edinburgh, and Dundee.
The portfolio of six self storage facilities includes a mixture of freehold and leasehold assets and provides a CLA of c.195,000 sq ft and a MLA of c.240,000 sq ft. The properties are located in Warrington, Widnes, Liverpool, Preston, Bromborough and Altrincham.
Jessica Cunningham, surveyor in JLL’s Alternatives team, said; “The sale of Smart Storage by JLL highlights the continued consolidation of the self storage market by mid-market operators, such as Kangaroo, which we expect to continue in the next few years, as new platforms are created through a mix of M&A and direct development.”
Mike Wilson, CEO of Smart Storage, said “We are delighted to have completed this deal with Kangaroo Self Storage and wish them well in continuing to develop their platform. The sale allows us to concentrate on our new venture, SureStore, which has just opened its latest store in Bolton.”
Chris Stevens, CEO of Kangaroo Self Storage said “The acquisition of Smart Storage is an excellent opportunity to expand on our operation. We feel that the portfolio fits with the ethos of Kangaroo Self Storage and we look forward to building upon their strong customer service as we integrate the two businesses. We have bold ambitions for the future which we will realise through continued appropriate acquisition and organic growth coupled with strong operational management.”
JLL acted on behalf of Smart Storage.