Digital bank OakNorth has provided a £30.2 mln (€37 mln) loan to Storex Self Storage to back its expansion plans.
Established by global investment manager, EQT Exeter, Storex Self Storage develops and operates fully digitised storage facilities throughout Greater London, including Brentford, Watford, and Loughton.
Environmental sustainability is a key focus, with all locations aiming for BREEAM Excellent certification, operational zero carbon readiness, and significant net biodiversity gains.
The loan from OakNorth will be used to develop and operate two new purpose-built self-storage sites in Sunbury, Surrey and Cricklewood, London Borough of Brent. Both sites will offer an app-based entry system, and a combined total of 2,421 units of varying sizes, ranging from 16 ft2 for minimal storage needs, to large units totalling 300 ft2 in size.
Jay Patel, associate director, debt capital markets living strategies at EQT Exeter, commented: 'Our mission when we launched STOREX was to offer consumers and businesses with a digital and sustainable storage solution, with cutting edge technologies and security.
'OakNorth demonstrated an in-depth knowledge of the UK’s self-storage market throughout the entire transaction, as evidenced by its growing reputation of supporting leading providers within the industry.'
Greg Manson, director of debt finance at OakNorth, added: 'We were delighted to support Storex on this project as it emphasises our strong ambitions to do more to support the UK’s self-storage industry.
'The market continues to experience significant growth, driven by people who are reconfiguring their homes to accommodate hybrid working or unable to upsize and instead choosing to put their possessions elsewhere.
'EQT has an impressive management team and reputation as a leading global sponsor, and this transaction represented the perfect opportunity to become part of its growth journey.'
