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Self-Storage Operator UK Storage Co. Ltd. Acquired by Investor Syndicate

June 20, 2023

2 Min Read
Self-Storage Operator UK Storage Co. Ltd. Acquired by Investor Syndicate

An investor syndicate comprised of funds advised by Davidson Kempner Capital Management LP and Pithos Capital has acquired UK Storage Co. Ltd., which operates 28 freehold and leasehold self-storage facilities across the United Kingdom. The company’s portfolio comprises about 900,000 rentable square feet in 11,000 units, according to a press release.

UK Storage was launched in 2005 by husband-and-wife team Cathy and Keith Taylor. “We are delighted to have found a perfect match to drive the growth of the company,” the couple said in a joint statement. “After a rigorous sale process, we have no doubt that Davidson Kempner/Pithos Capital will continue to develop the company as the U.K.’s largest independent self-storage provider, and we look forward to following its progress.”

Davidson Kempner is a global investment-management firm with approximately $38 billion in assets under management, according to its website. Its U.S. self-storage interests include SpareBox Storage, which operates as a joint venture between investment funds advised by Davidson Kempner and Rizk Ventures. Founded in August 2020, SpareBox operates more than 100 self-storage facilities across nine states.

Based in Luxembourg, Pithos specializes in European self-storage investment opportunities, according to its website. The UK Storage purchase is the company’s first U.K. self-storge investment. The firm also owns YoGuardo in Spain and Zebra Box in Switzerland, according to a source.

The Taylors were advised by FinnCap Cavendish, a U.K. firm that specializes in mergers and acquisitions. “This transaction is particularly significant given [UK Storage’s] scale in the U.K., history of strong financial performance as well as its huge growth potential,” FinnCap partner Peter Gray and director Nehal Patel said.

In addition to traditional self-storage, UK Storage facilities offer document storage. Some properties also provide office space for rent.

Sources:
Inside Media Limited, Self-Storage Firm Acquired by Investor Syndicate
Property Week, Pithos Capital Syndicate Snaps Up UK Storage Company
FinnCap, UK Storage Limited

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