PGIM has advanced a £48m (€55.5m) senior loan to Space Station in a move designed to refinance and increase its existing debt facility with the UK self-storage platform.
Completed on behalf of PGIM’s real estate senior debt platform, the company said the transaction built on the existing relationship with Space Station and reflected its continued support for its growth strategy.
James Day, executive director of European senior debt originations, real estate, at PGIM, said: “Space Station has assembled a high-quality self-storage platform with a strong operating track record, and this expanded financing reflects our continued confidence in both the business and the sector.”
“Self-storage remains a key thematic focus for PGIM across the UK and Europe, supported by resilient demand dynamics, limited supply and long-term growth characteristics,” Day added.
The increased facility provided Space Station, with additional capital capacity to pursue further acquisitions, development opportunities and asset-level investment as well as supporting the company’s next phase of growth, PGIM said.
Kevin Prince, CEO of Space Station, said: “PGIM has been an important financing partner to Space Station and we are delighted to extend and expand that relationship through this refinancing.
“Their continued support reflects confidence in both the quality of the portfolio and the strength of the platform we have built together over recent years.”
The enhanced facility provides the capacity to continue executing Space Station’s growth strategy in a disciplined way through selective acquisitions, development and targeted investment across its existing stores, Prince said, adding that “demand fundamentals within UK self-storage [remained] compelling”.
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