Babcock & Brown has completed the acquisition of UK self-storage business Space Maker Group for about £63 mln (EUR 93 mln). The Australian investment group said it intends to expand the business and grow Space Maker to become one of the leading self-storage providers in the UK within the next five years.

Babcock & Brown has completed the acquisition of UK self-storage business Space Maker Group for about £63 mln (EUR 93 mln). The Australian investment group said it intends to expand the business and grow Space Maker to become one of the leading self-storage providers in the UK within the next five years.

Established by property entrepreneurs David Hicks and Dougald McLachlan in 2000, the Space Maker Group operates ten centres, totalling 45,000 m2, across England.

Tim Edghill, director of JLL Corporate Finance, who led the sale, commented: 'We received a great deal of interest in Space Maker from a wide range of investors, who recognised not only the quality of the business and the strength of its revenue stream, but also the potential of the self-storage sector in the UK. The sale demonstrates the interest in alternative asset classes that are cash positive and have dependable revenue streams that outperform traditional rental levels.'