ESR Europe, the European arm of ESR Group, has extended a £32.4 mln (€38.5 mln) commercial real estate loan to Storebox Self Storage.
This funding will enable Storebox, a subsidiary of Spectrum Storage Group, to refinance its existing debt and acquire the MyLockup self-storage portfolio.
The combined portfolio, comprising 29 self-storage facilities across England and Ireland, positions Storebox for significant growth in the self-storage market.
JLL Debt and Structured Finance advised Storebox on the transaction.
George Cotterell, managing director, Debt Investments at ESR Europe, commented: ‘This acquisition loan delivers strong diversified income from day one through exposure to a growing and resilient alternative real estate sector.’
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.’
Nick Crawford, co-CEO of Oakglen, Spectrum’s lead shareholder commented: ‘We are pleased to have closed this financing with ESR to support the continued growth of Spectrum Storage Group.’
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.’
Spectrum Storage Group was formed in June 2024 through the merger of Storebox and Lovespace. The further addition of MyLockUp to the Spectrum portfolio will create the seventh largest self-storage operator in the UK.
